Fitch Takes Rating Actions on Spain's Liberbank and Banco Grupo Caja 3

Fitch Ratings/London
Fitch Ratings has downgraded Liberbank S.A.'s (Liberbank) Long-term Issuer Default Rating (IDR) to 'BB+' from 'BBB-' and Short-term IDR to 'B' from F3' and removed them from Rating Watch Negative (RWN)
Fitch has also downgraded Liberbank's Viability Rating (VR) to 'bb-' from 'bbb-' and revised it from RWN to Rating Watch Evolving (RWE)
At the same time, Fitch has taken rating actions on Liberbank's 75%-owned bank subsidiary, Banco de Castilla-La Mancha (Banco CLM)
Liberbank:
Long-term IDR: downgraded to 'BB+' from 'BBB-'; removed from RWN, Outlook Stable;
Short-term IDR: downgraded to 'B' from 'F3'; removed from RWN;
Viability Rating: downgraded to 'bb-' from 'bbb-'; revised to RWE from RWN;
Support Rating: affirmed at '3';
Support Rating Floor: affirmed at 'BB+';
State-guaranteed debt: unaffected at 'BBB'.
Banco CLM:
Long-term IDR: downgraded to 'BB+' from 'BBB-'; removed from RWN, Outlook Stable;
Short-term IDR: downgraded to 'B' from 'F3'; removed from RWN;
Support rating: downgraded to '3' from '2'; removed from RWN;
Senior unsecured debt: downgraded to 'BB+' from 'BBB-'; removed from RWN;
Subordinated lower tier 2 debt: downgraded to 'B+' from 'BB+'; revised to RWE from RWN;
Subordinated upper tier 2 debt: downgraded to 'B-' from 'BB-'; revised to RWE from RWN.
BCaja3:
Long-term IDR: affirmed at 'BB+'; removed from Rating Watch Positive (RWP); Outlook Stable;
Short-term IDR: affirmed at 'B'; removed from RWP;
Viability Rating: 'bb' unaffected; RWE maintained;
Support Rating: affirmed at '3';
Support Rating Floor: affirmed at 'BB+';
Subordinated lower tier 2 debt: 'BB-' unaffected; RWE maintained.