Moody's: Spanish banks to stable

Moody's Investors Service said it changed the outlook on the Baa3 government-guaranteed debt ratings of 13 Spanish banks to stable from negative: Caixabank, SA, Bankinter, SA, Banco Sabadell, SA, Banco Cooperativo Espanol, SA, Ibercaja Banco SA, Banco Popular Espanol, SA, Unicaja Banco, Liberbank, Bankia, SA, Banco Financiero y de Ahorros, Catalunya Banc, SA, NCG Banco, SA and Banco CEISS.

At the same time, the agency changed the outlook on the Baa3 rated long-term debt of Instituto de Credito Oficial, whose ratings are based on the unconditional and irrevocable guarantee from the Spanish Government, to stable from negative.

In addition, Moody's affirmed at Baa3 the ratings of the government-guaranteed debt issued by Spanish banks and at Baa3/Prime-3 the ratings of Instituto de Credito Oficial.

These actions follow the affirmation of the Baa3/Prime-3 government bond ratings of Spain and the change of the outlook to stable from negative, implemented on Dec. 4.

Despite the change in the outlook of Spain's government ratings, the outlooks on the majority of Spanish banks' long-term ratings remain negative, driven by the negative outlook on these banks' standalone credit assessments.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.