Ratings

Credit ratings are an opinion of the Entity's creditworthiness and relative capacity to meet its financial obligations. 

Hereunder are presented the ratings assigned to CaixaBank, S.A. by the rating agencies Moody’s Investors Service España, S.A. (Moody’s), S&P Global Ratings Europe Limited (S&P Global), Fitch Ratings Ireland Limited (Fitch) and DBRS Ratings GmbH (DBRS). All these agencies are registered with the European Securities and Markets Authority (ESMA) and regulated by European Union legislation (Regulation (UE) No 462/2013 of the European Parliament).

Issuer rating

Agency Long term Short term Outlook Last review date Press release last review

Moody’s

A3

P-2

Stable

10/07/2024

Press release 

S&P Global

A

A-1

Stable

14/11/2024

Press release 

Fitch

A-

F2

Stable

04/12/2024

Press release 

DBRS

A (high)

R-1 (middle)

Stable

20/12/2024

Press release 


Mortgage Covered bonds

Agency Rating Outlook Last review date Press release last review

Moody’s

Aa1

--

19/11/2024

Press release 

S&P Global

AA+

Stable

15/01/2025

Press release 

DBRS

AAA

--

10/01/2025

Press release 


Credit ratings can be revised, cancelled or withdrawn at any time by the rating agencies. The aforementioned credit ratings do not constitute a recommendation to buy, hold, or sell bonds issued by the Company.


The long term debt rating categories used by the aforementioned agencies are as follows:

Agency Moody's S&P Global/ Fitch/ DBRS
Investment category

Aaa

Aa

A

Baa

AAA

AA

A

BBB

Speculative category

Ba

B

Caa

Ca

C

BB

B

CCC

CC

C



Moody's assigns the numerical modifiers ‘1’, ‘2’ and ‘3’ to each generic ratings category from Aa to Caa. The modifier ‘1’ indicates that the obligation ranks in the higher end of its generic rating category; the modifier ‘2’ indicates a mid-range ranking and the modifier ‘3’ indicates a ranking in the lower end of its rating category.

S&P Global and Fitch apply the modifiers plus (+) or minus (-) in categories AA to CCC to indicate the relative standing within each rating category; while DBRS applies the modifiers (high) and (low).

The short term debt rating categories used by these agencies are as follows:

Agency Moody's S&P Global Fitch DBRS
Investment category

Prime-1

Prime-2

Prime-3

A-1

A-2

A-3

F1

F2

F3

R-1

R-2

R-3

Speculative category Not Prime

B

C

B

C

R-4

R-5


S&P Global and Fitch apply the plus modifier (+) within the categories A-1 and F1. DBRS applies the modifiers (high), (middle) and (low) to categories R-1 and R-2.

Issuer rating

Agency Long term Short term Outlook Last review date Press release last review

S&P Global

BBB+

A-2

Stable

29/03/2021

Press release 


Mortgage Covered bonds

Agency Rating Outlook Last review date Press release last review

Moody’s

Aa1

--

17/04/2018

Press release 

DBRS

AAA

--

15/01/2021

Press release 

The ratings may be revised, suspended or withdrawn by the rating agency at any time. These ratings do not constitute a recommendation to buy or sell.

Issuer rating

Agency Long term Short term Outlook Evaluation Date/ Confirmation Website
S&P Global BBB+ A-2 Stable 23/09/2020 Press release last review 
Fitch BBB+ F2 Negative 16/09/2020 www.fitchratings.com 
DBRS A R-1 (low) Stable 30/03/2020 Press release last review 


Mortgage Covered bonds

Agency Rating Outlook Last review date Press release last review

S&P Global

AA

Estable

19/03/2019

Press release last review 

DBRS

AAA

--

15/01/2020

Press release 

The ratings may be revised, suspended or withdrawn by the rating agency at any time. These ratings do not constitute a recommendation to buy or sell.

Issuer rating

Agency Long term Short term Outlook Evaluation Date/ Confirmation Website
Moody's Baa1 P-2 Stable 17/05/2019 www.moodys.com 
Standard
& Poor's
BBB+ A-2 Stable 31/05/2019 www.standardandpoors.com 
Fitch BBB+ F2 Stable 27/09/2019 www.fitchratings.com 
DBRS A R-1 (low) Stable 29/03/2019 www.dbrs.com 


Mortgage Covered bonds

Agency Ratings Outlook Evaluation Date/ Confirmation
Moody's Aa1 -- 17/04/2018
Standard
& Poor's
AA- Positive 27/03/2018
DBRS AAA -- 22/02/2018

The ratings may be revised, suspended or withdrawn by the rating agency at any time. These ratings do not constitute a recommendation to buy or sell.

Issuer rating

Agency Long term Short term Outlook Evaluation Date/ Confirmation Website
Moody's

Baa2

Baa2

P-2

P-2

Positive

Positive

01/08/2018

17/04/2018

www.moodys.com 
Standard
& Poor's
BBB A-2 Positive 06/10/2017 www.standardandpoors.com 
Fitch BBB F2 Positive 03/07/2018 www.fitchratings.com 
DBRS A (low) R-1 (low) Stable 15/03/2018 www.dbrs.com 


Mortgage Covered bonds

Agency Ratings Outlook Evaluation Date/ Confirmation
Moody's Aa2 -- 18/06/2015
Standard
& Poor's
A+ Positive 20/04/2017
DBRS

AAA

AA (high)

AA (high)

AA (high)

--

16/04/2018

17/01/2018

15/01/2018

11/10/2017

The ratings may be revised, suspended or withdrawn by the rating agency at any time. These ratings do not constitute a recommendation to buy or sell.

Issuer rating

Agency Long term Short term Outlook Evaluation Date/ Confirmation Website
Moody's

Baa2

P-2

Stable

18/01/2017

www.moodys.com 
Standard
& Poor's

BBB

BBB

A-2

A-2

Positive

Positive

01/08/2017

09/02/2017

www.standardandpoors.com 
DBRS A (low) R-1 (low) Stable 16/03/2017 www.dbrs.com 


Mortgage Covered bonds

Agency Ratings Outlook Evaluation Date/ Confirmation
Standard
& Poor's
A+ Positive 07/04/2017
DBRS

AA (high)

AA (high)

AA (high)

--

11/10/2017

20/01/2017

16/01/2017

The ratings may be revised, suspended or withdrawn by the rating agency at any time. These ratings do not constitute a recommendation to buy or sell.

Issuer rating

Agency Long term Short term Outlook Evaluation Date/ confirmation Website
Moody's

Baa2

P-2

Negative

20/04/2016

www.moodys.com 
Standard
& Poor's

BBB

A-2

Stable

22/04/2016

www.standardandpoors.com 
Fitch

BBB

F2

Positive

26/04/2016

www.fitchratings.com 
DBRS A (low) R-1 (low) Stable 13/04/2016 www.dbrs.com 


Mortgage Covered bonds

Agency Ratings Outlook Evaluation Date/ confirmation
Standard
& Poor's
A+ Stable 27/05/2016
DBRS

AA (high)

AA (low)


AA (low)

--

Under Review with positive implications

--

10/03/2016

09/02/2016


20/01/2016

The ratings may be revised, suspended or withdrawn by the rating agency at any time. These ratings do not constitute a recommendation to buy or sell.

Issuer rating

Agency Long term Short term Outlook Evaluation Date/ Confirmation Website
Moody's

Baa2

Baa3

Baa3

P-2

P-3

P-3

Stable

Review for upgrade

Review for downgrade

17/06/2015


17/03/2015


19/02/2015

www.moodys.com 
Standard
& Poor's

BBB

BBB

BBB

A-2

A-2

A-2

Stable

Stable

Credit watch negative

06/10/2015

22/06/2015


20/02/2015

www.standardandpoors.com 
Fitch

BBB

F2

Positive

25/02/2015

www.fitchratings.com 
DBRS

A (low)

A (low)

R-1 (low)

R-1 (low)

Positive

Stable

20/11/2015

10/02/2015

www.dbrs.com 


Mortgage Covered bonds

Agency Ratings Outlook Evaluation Date/ Confirmation
Standard
& Poor's

Aa2

A1

A1

--

Review for upgrade

Review for downgrade

18/06/2015

17/03/2015

19/02/2015

DBRS

A+

Stable

13/10/2015

The ratings may be revised, suspended or withdrawn by the rating agency at any time. These ratings do not constitute a recommendation to buy or sell.