DBRS confirms CaixaBank ratings

DBRS said it confirmed the A (low) unsecured long-term debt and deposit rating of CaixaBank, SA and its R-1 (low) short-term debt and deposit rating.

The trend on the long-term rating remains negative and the trend on the short-term rating remains stable.

The agency also confirmed the A (low) senior notes guaranteed by the Kingdom of Spain issued by CaixaBank with a negative trend. This rating is based on the explicit guarantee provided by the Kingdom of Spain and reflects the current DBRS rating on the sovereign of A (low) with a negative trend.

CaixaBank’s ratings reflect an intrinsic assessment of A (low) combined with a support assessment of SA-2. The SA-2 considers CaixaBank’s role as a systemically important entity to the financial system in Spain and DBRS’s expectation of timely systemic support in a stressed scenario. However, with the current rating for the Spanish sovereign at the same level as the intrinsic assessment for CaixaBank, there is currently no uplift to the group’s ratings, the agency said.

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