Bankoa, S.A -- Moody's upgrades Bankoa's deposits ratings to Baa3; maintains stable outlook

Madrid, November 20, 2014 -- Moody's Investors Service has today upgraded the deposit ratings of Bankoa, S.A. to Baa3/Prime-3 from Ba1/Not-Prime. The rating action stems primarily from the institution's improved funding profile, amidst the increase in the customer deposit base and decline in reliance on parental funding; the rating upgrade is also sustained by the bank's favourable performance in terms of asset quality -- against the background of the recent economic crisis in Spain which has hit severely the asset quality of Spanish banks -- and the stability of the bank's profitability indicators. The outlook on all the long-term ratings is stable.

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