S&P revises five Spanish banks’ view to negative

S&P said it affirmed the ratings on 12 of 13 Spanish banks but revised to negative the outlooks on five of them. The agency cited what it sees as economic challenges ahead for European economies faced with a recession and the effects of the coronavirus on their businesses.

“We revised to negative from stable our outlook on Banco Santander SA and its highly strategic subsidiary Santander Consumer Finance SA, on Banco de Sabadell SA; on Abanca Corporacion Bancaria SA; and on Ibercaja Banco SA,” S&P said in a press release.

S&P kept negative outlooks on Banco Bilbao Vizcaya Argentaria SA, Bankinter SA and Mulhacen Pte Ltd.

“We maintained our stable outlooks on Caixabank SA, Bankia SA and its holding company BFA Tenedora de Acciones SAU, Cecabank SA and Caja Laboral Popular Coop. de Credito,” the agency said.

S&P also changed to negative from stable the outlook on U.S-based Santander Bank NA, a strategic subsidiary of Banco Santander., and its holding company Santander Holdings USA, and on German Santander Consumer Bank AG, core subsidiary of Santander Consumer Finance SA.

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