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S&P: Ibercaja remains on watch
Standard & Poor's said its BBB-/A-3 long- and short-term counterparty credit ratings on Ibercaja Banco SA remain on CreditWatch with negative implications, where they were placed on March 5.
The agency said the CreditWatch update follows Ibercaja's announcement on May 29 that its board of directors has agreed to merge Ibercaja with Liberbank SA in addition to its previously announced merger with Banco Grupo Cajatres SA.
The agency said the CreditWatch incorporates the challenges that S&P sees for Ibercaja's capital position, as well as S&P's view of the potentially further negative impact that Ibercaja's expanded integration plans could have on its financial profile.
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