Fitch rates Banco de Sabadell debt BBB, BBB-

Fitch Ratings said it assigned Banco de Sabadell SA a long-term issuer default rating of BBB and short-term issuer default rating of F3.

The bank’s long-term senior preferred debt was rated BBB.

The bank’s subordinated debt was rated BBB-.

The outlook is stable.

At the same time, the agency assigned Sabadell a viability rating of bbb.

“The ratings reflect Sabadell's sound domestic franchise as the fourth-largest bank in Spain by assets, strong footprint and expertise in the SME business, some geographic diversification from its banking operations in the U.K. (through TSB Banking Group plc; TSB) and improved domestic profitability and overall asset quality,” the agency said in a news release.

“They also reflect capital levels that are maintained with satisfactory buffers over regulatory requirements, reduced capital encumbrance to unserved problem assets and adequate funding and liquidity profile.”

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