Robust retail banking franchise in Spain, resulting from a successful growth strategy. More contained credit risk profile than peers'. Sound capitalization following completion of capital enhancement initiatives. Geographic concentration in Spain. Constrained operating profitability in Spain's difficult economic and operating environment. Risks inherent in holding a large, strategic equity portfolio. Standard&Poor's Ratings Services' outlook on Spain-based CaixaBank S.A. and its parent company Caja de Ahorros y Pensiones de Barcelona (la Caixa; BBB-/Stable/A-3) is stable, reflecting our view that CaixaBank should maintain a credit profile consistent with the current ratings over the next 18 to 24 months. The stable outlook on la Caixa mirrors that on CaixaBank, its core operating entity. A downgrade or upgrade of CaixaBank would trigger
