Standard&Poor's Ratings Services' ratings on Spain-based investment holding company Criteria CaixaCorp S.A. (Criteria) reflect Criteria's conservative capital structure, good financial flexibility, and above-average portfolio quality characteristics. Our ratings on Criteria are one-notch above our assessment of its stand-alone credit profile, in order to reflect Criteria's current ownership structure--with Caja de Ahorros y Pensiones de Barcelona (la Caixa; AA-/Negative/A-1+) holding about 80% of the share capital. We believe that this majority share ownership provides long-term stability and significant funding flexibility. However, the ratings on Criteria are constrained by Criteria's exposure to stock market movements, relatively high gearing to rating thresholds, and modest exposure to unlisted investments. Criteria is an active manager of a portfolio of investments, investing in either
