MATERIAL DISCLOSURE

Pursuant to article 82 of Law 24/1988 of 28 July on the Securities Market, Bankia, S.A. hereby reports that the ratings agency Fitch Ratings (hereinafter "Fitch" or "the Agency") has taken various rating actions relating to the company.
These rating actions form part of the global review of sovereign support for banks performed by the Agency, as announced by the Agency in March 2014 and which has been regularly reported since then. The Agency believes that political, legislative and regulatory initiatives have significantly reduced the probability of sovereign support for commercial banks in the USA, Switzerland and the European Union.
Consequently, the Agency has downgraded Bankia's Support Rating from "2" to "5", meaning that although there is a possibility of extraordinary external support, in the case of Bankia, it cannot be relied upon. This implies that Bankia's Long-term IDR is now determined by its international solvency expressed in the Viability Rating, which has been confirmed by Fitch as "bb+".
Consequently, Fitch has lowered Bankia's Long-term IDR from "BBB-" to "BB+", while raising the outlook from Negative to Positive, reflecting the potential for an upgrade in Bankia's rating while it continues to reduce its stock of distressed assets and strengthen its capital.
The ratings actions taken by Fitch today relating to Bankia are listed below:

Downgrade in the Long-term IDR from "BBB-" to "BB+"; Positive outlook.

Downgrade in the Short-term IDR" from "F3" to "B".

 Ratification of the Viability Rating as "bb+".

 Downgrade in the Support Rating from "2" to "5".

 Downgrade in the Support Rating Floor from "BBB-" to "No Floor".

Downgrade in the Long-term senior unsecured debt rating from "BBB-" to "BB+".

 Downgrade in the Commercial Paper rating from "F3" to "B".

 Ratification of the Subordinated Debt rating as "BB".

The above is notified as a material disclosure for all pertinent purposes.
Madrid, 19 May 2015
BANKIA, S.A.

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