Kutxabank

ESG Rating

Within the scope of Kutxabank's ESG Risk Rating, Sustainalytics assesses that the entity has a NEGLIGIBLE risk of experiencing material financial impacts derived from ESG factors.

Kutxabank's ESG Risk Rating places it 2nd in the Thrifts and Mortgages assessed by Sustainalytics.

^{Copyright ©2022 Sustainalytics. All rights reserved. This section contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics and/or its third party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers.}

Credit Rating

Rating actual
	Moody's	Fitch	DBRS
Long Term Senior Debt	A3	A-	A
Baseline Credit Assessment / Viability Rating (VR) / Intrinsic assessment (IA)	baa1	bbb+	A
Bank Depoits Long term	A3	A-	A
Bank Depoits Short term	P-2	F2	R-1 (low)
Long-term Counterparty Risk Rating	A2	-	-
Short-term Counterparty Risk Rating	P-1	-	-
Long-term Counterparty Risk Assessment	A3 (cr)	-	-
Short-term Counterparty Risk Assessment	P-2 (cr)	-	-
Senior Non Preferred	Baa2	BBB+	A (low)
Covered Bonds	Aa1	-	AAA
Outlook	Positive	Stable	Stable

Fitch

⁽¹⁾Fitch assigns an A- level to Kutxabank's Senior Preferred Long Term rating category (new rating).

volución

Evolución
	Long term	Short term	Outlook
01/23/2023⁽¹⁾	A-	F2	Stable
2/26/2021	BBB+	F2	Stable
3/27/2020	BBB+	F2	Negative
4/07/2017	BBB+	F2	Stable
6/30/2014	BBB	F3	Positive
6/12/2012	BBB	F3	Negative
1/09/2012	A-	F2	Negative

Moody's

⁽¹⁾ On December 20, 2017, Moody's Senior Unsecured Debt rating category disappeared. Since then, the category used is Baseline Credit Assessment.

⁽²⁾ Moody's assigns an A3 level to Kutxabank's Senior unsecured debt rating category (new rating).

volución
	Long term	Short term	Outlook
03/19/2024	A3	P-2	Positive
01/23/2023⁽²⁾	A3	P-2	Stable
11/25/2022⁽¹⁾	baa2	P-2	Positive
10/08/2021⁽¹⁾	baa2	P-2	Positive
3/22/2018⁽¹⁾	baa2	P-2	Stable
5/10/2017	Baa3	P-3	Positive
3/15/2017	Ba1	NP	Positive
4/28/2016	Ba1	NP	Stable
6/17/2015	Ba2	NP	Stable
3/17/2015	Ba1	NP	RuR Down
5/29/2014	Ba1	NP	Negative
4/01/2014	Ba1	NP	Stable
10/24/2012	Ba1	NP	Negative
6/25/2012	Ba1	NP	*-
1/19/2012	Baa1	P-2	Negative

*- Watch Negative.

DBRS

	Long term	Short term	Outlook
1/19/2024	A	R-1 (low)	Stable
1/20/2023	A (low)	R-1 (low)	Positive

Titulo
Long-term	Short-term

Escalas de rating
Moody's	Fitch	DBRS
Aaa	AAA	AAA
Aa1	AA+	AA (high)
Aa2	AA	AA
Aa3	AA-	AA (low)
A1	A+	A (high)
A2	A	A
A3	A-	A (low)
Baa1	BBB+	BBB (high)
Baa2	BBB	BBB
Baa3	BBB-	BBB (low)
Ba1	BB+	BB (high)
Ba2	BB	BB
Ba3	BB-	BB (low)
B1	B+	B (high)
B2	B	B
B3	B-	B (low)
Caa1	CCC+	CCC (high)
Caa2	CCC	CCC
Caa3	CCC-	CCC (low)
Ca	CC	CC (high)
C	C	CC
WR	D	CC (low)
NR		D

Escalas de rating
Moody's	Fitch	Fitch
P-1	F1+	R-1 (high)
P-2	F1	R-1 (mid)
P-3	F2	R-1 (low)
NP	F3	R-2 (high)
WR	B	R-2 (mid)
	C	R-2 (low)
	D	R-3
	NR	R-4
	WR	R-5
		D

Titulo
	Investment grade
	Non-investment grade

Rating
Aaa/AAA			Extremely strong capacity to meet its financial commitments.
Aa/AA			Very strong capacity to meet its financial commitments.
A/A			Strong capacity to meet its financial commitments.
Baa/BBB			Adequate capacity to meet its financial commitments.
Ba/BB			Less vulnerable than lower-rated obligors, but still adequate capacity to meet its financial commitments.
B/B			More vulnerable and inadequate to meet its financial commitments.
Caa/CCC			Currently vulnerable to meet its financial commitments.
Ca/CC			Currently highly vulnerable and are likely in, or very near default.
C			Obligations rated C are the lowest rated classs of bonds, and are tipically in default.
D			An obligation rated D is in payment default.
R			Under regulatory supervision owing to its financial condition.
SD			Has failed to pay one or more of its financial obligations.

P-1/F1/R-1 (high)			Strong capacity to meet its financial commitments. Adding "+" denotes extremely strong capacity.
P-2/F2/R-1 (mid,low)			Satisfactory capacity to meet its financial commitments.
P-3/F3/R-2			Acceptable capacity to repay its financial obligations.
NP/B/R-3,4			Not prime (out of the previous categories)/ Speculative.
-/C/R-5			High default risk.

Investor Relations

Rating

ESG Rating

Credit Rating

Fitch

Moody's

DBRS

Long-term

Short-term

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