Moody's could up Banco de Valencia

Moody's Investors Service said it placed Banco de Valencia's Caa1/Not-Prime long- and short-term deposit ratings and the E standalone bank financial strength rating, equivalent to a Ca standalone assessment, on review for upgrade.

The ratings and outlook of the subordinated debt and preference shares remain unchanged.

Moody's said the review follows the Nov. 27 announcement made by the Spanish government's Fund for Orderly Bank Restructuring, whereby Caixabank acquired Banco de Valencia as part of the bank's competitive sale process.

The acquisition agreement contemplates the transfer to Caixabank of all of Banco de Valencia's shares that the Fund for Orderly Bank Restructuring holds, which will grant Caixabank control of at least 90% of the bank's capital.

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