Standard&Poor's Ratings Services' ratings on Spain-based investment holding company Criteria CaixaCorp S.A. (Criteria) primarily reflect the quality of its portfolio, which we view as having strong liquidity and asset quality. In addition to the financial flexibility provided by these portfolio characteristics, the rating also incorporates a one-notch uplift from the company's stand-alone credit profile for ownership support. This stems from Criteria's ownership structure, with Caja de Ahorros y Pensiones de Barcelona (la Caixa; AA-/Negative/A-1+) holding 79.4% of the share capital. We believe that this majority ownership provides long-term stability and significant funding flexibility. However, the ratings are constrained by the fact that about one-quarter of Criteria's investments are in businesses that are wholly owned and unlisted, and which
