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DBRS assigns ratings to Bankia

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DBRS assigns ratings to Bankia

DBRS Ratings on July 8 assigned first-time public ratings toBankia SA.

The agency assigned the Spanish lender a BBB(high) seniorunsecured long-term debt and deposit rating and a short-term debt and deposit ratingof R-1(low). The rating agency assigned the bank A/R-1(low) long- andshort-term critical obligations ratings. The trend on all the ratings isstable.

Bankia's intrinsic assessment is BBB(high), in line with itssenior unsecured long-term debt and deposit rating, while its supportassessment is SA3.

The ratings reflect the bank's strong franchise in Spain,relatively low risk profile with low real estate sector exposures and solidcapitalization. The rating agency said it believes that the bank has successfullycarried out a clean-up of its balance sheet and has restored its domesticfranchise strength since it received public aid in 2012, with litigation risksalso decreasing.

However, the ratings also reflect Bankia's high exposure tothe Spanish sovereign and to ECB funding, as well as the need to continue toreduce nonperforming assets to more normalized levels, DBRS said.