Fitch cuts Ibercaja debt

Fitch Ratings said it revised Ibercaja Banco SA's outlook to stable from positive and affirmed the bank's long-term issuer default rating and viability rating at BB+ and bb+, respectively.

At the same time, Ibercaja's subordinated debt was downgraded to BB- from BB and removed from under criteria observation to reflect the switch to a baseline notching of two notches for loss severity from the anchor rating under Fitch's new bank rating criteria published on Feb. 28.

“The outlook revision reflects the slower-than-expected improvement in the bank's capitalisation and profitability, despite a reduced exposure to problem assets,” the agency said in a news release.

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