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Moody’s gives CR ratings to Spanish banks
Moody's Investors Service said it assigned long- and short-term counterparty risk ratings to 18 Spanish banking groups.
The groups include Banco Santander SA (Spain) (A2/P-1), Santander Consumer Finance SA (A2/P-1), Banco Popular Espanol, SA (A2/P-1), Banco Bilbao Vizcaya Argentaria SA (A2/P-1), CaixaBank SA, Banco Sabadell SA (Baa1/P-2), Bankia SA (Baa1/P-2), Bankinter SA (A3/P-2), Kutxabank SA (Baa1/P-2), Unicaja Banco (Baa1/P-2), Ibercaja Banco SA (Ba2/NP), Abanca Corporacion Bancaria, SA (Ba1/NP), Liberbank (Ba3/NP), Banca March SA (A2/P-1), Caja Rural de Navarra (A3/P-2), Cecabank SA (Baa1/P-2), Banco Cooperativo Espanol, SA (Baa1/P-2) and Bankoa, SA (A3/P-2).
The agency said that in assigning counterparty risk ratings to the banks, Moody's starts with their adjusted baseline credit assessment and uses the agency's existing advanced loss-given-failure approach that considers the level of subordination to liabilities in the bank's balance sheet and assumes a nominal volume of those liabilities.
In addition, Moody's said it incorporated the likelihood of government support for counterparty risk rating liabilities.
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