Microsoft Word - HR_Bankia_Rating_Cedulas_DBRS_ing.docx MATERIAL DISCLOSURE

Pursuant to article 82 of Law 24/1988 of 28 July on the Securities Market, Bankia, S.A. hereby reports that the rating agency DBRS has raised the rating of the Bank's mortgage covered bonds from "A (low)" to "A
(high)".
This rating action
follows application of
DBRS's "Rating European Covered

Bonds" methodology,


published by DBRS on 17 December 2014.
The above is notified as a Material Disclosure for all pertinent purposes
BANKIA, S.A.
Madriid, 18 December 2014

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