Microsoft Word - 20141127 HR BKIA_Rating_SP-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 Standard & Poor's Ratings Services (S&P) has raised Bankia's long-term rating (Issuer Credit Rating - ICR) from "BB-" to "BB" with a negative outlook.
The following ratings for Bankia have also been revised by S&P, with the following results:

ƒ Upgrade in the Stand-Alone Credit Profile (SACP) from "b+" to "bb-"

ƒ Confirmation of the short-term rating as "B"

ƒ Upgrade in the subordinated debt rating from "CCC+" to "B-"


The above is notified as a material disclosure for all pertinent purposes.
BANKIA, S.A.
Madrid, 27 November 2014

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