Report
Arnaud Journois ...
  • Elisabeth Rudman
  • Pablo Manzano

DBRS Morningstar Comments on the CaixaBank & Bankia Merger

The respective boards of CaixaBank SA (CaixaBank, Long-Term Issuer Rating of A, Stable Trend) and Bankia SA (Bankia, Long-Term Issuer Rating of BBB (high), UR-Pos.) approved their merger by absorption of Bankia into Caixabank on September 17th. The structure of the transaction will involve CaixaBank exchanging new shares for every Bankia share. The transaction is expected to close by the end of Q1 2021. DBRS Morningstar anticipates that Bankia’s ratings will likely be aligned with those of CaixaBank, and as a result, Bankia's ratings were put Under Review with Positive Implications on September 24th.
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DBRS Morningstar
DBRS Morningstar

DBRS Morningstar is a global credit ratings business with 700 employees in eight offices globally. DBRS and Morningstar Credit Ratings are committed to empowering investor success, serving the market through leading-edge technology and raising the bar for the industry.

Together, we are the world’s fourth largest credit ratings agency and a market leader in Canada, the U.S. and Europe in multiple asset classes. We rate more than 2,600 issuers and 54,000 securities worldwide and are driven to bring more clarity, diversity and responsiveness to the ratings process. Our approach and size provide the agility to respond to customers’ needs, while being large enough to provide the necessary expertise and resources. For more details visit us at dbrs.com.

Analysts
Arnaud Journois

Elisabeth Rudman

Pablo Manzano

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