Moody’s Investors Service has aligned Bankia’s ratings with those of CaixaBank and its outlook has changed to ‘stable’ after the merger of both entities.
The outlook changes to ‘stable’, although the firm will withdraw the note since the Madrid box has ceased to exist
The firm will then withdraw these ratings, since Bankia has been absorbed by CaixaBank and has ceased to exist as an independent legal entity.
Moody’s notes in a statement that upward or downward pressure on the ratings of debt instruments issued by Bankia will continue to improve or worsen CaixaBank’s evaluations.
Specifically, CaixaBank’s ratings could be downgraded if the bank does not comply with the synergies expected from the merger or with its financing plan.