Outlook: Stable
Action date: 07/23/2021
Rating action: Affirmed


Axesor Rating affirms CaixaBank's "A-" rating, maintaining its Stable outlook. CaixaBank, S.A. (hereinafter CaixaBank) is the parent of the third largest Spanish banking group by total assets and the leading bank by market share in Spain. CaixaBank offers a wide range of services and products focused on retail banking, corporate banking, private banking, asset management and insurance services. Our credit rating is based on the bank's leading position in the domestic banking and insurance business, its notable profitability over the cycle despite the difficult environment for the banking sector, and its outstanding liquidity position. We also highlight the positive effects of the recent merger by integration with Bankia, which could boost the group's profits through higher revenues and a sharp reduction in costs, as well as the improvement in the company's risk profile. However, our credit rating is limited by the low geographic diversification, the negative pressure on revenue generation caused by historically low interest rates in a complex economic context and the expected deterioration of the group's assets once the support measures by governments and central banks are deactivated.


Date last rating: 07/23/2021
Date first rating: 07/24/2019