Initiation date
24/07/2019
Rating date
24/10/2023
Contacts
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Lead analyst
Karen Marquez
karen.marquez@ethifinance.com
EthiFinance Ratings affirms CaixaBank, S.A.'s unsolicited rating of "A-", maintaining the "Stable" trend. CaixaBank, S.A. (hereinafter CaixaBank) is the third largest Spanish banking group by assets and the largest bank by market share in Spain. CaixaBank offers services and products focused on retail banking, corporate banking, private banking, insurance business and asset management. Our credit rating is based on its high market share in the Spanish market, together with its high capitalization and liquidity, solid asset quality, and efficiency that stands out above the European banking sector average. However, our credit rating is constrained by the reduced geographic diversification and the level of uncertainty in the macroeconomic environment that could lead to lower loan production, as well as an expected increase in delinquency rates.