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S&P lifts Banco Popular Espanol debt, preferreds
Standard & Poor’s said it affirmed the B+ long-term and B short-term counterparty credit ratings on Banco Popular Espanol SA.
The agency also said it raised the ratings on Popular’s non-deferrable subordinated debt and preferred stock to CCC from CCC-.
The outlook remains negative.
Popular’s solvency and overall stand-alone creditworthiness has strengthened on the back of a new additional tier 1 issuance and, to a lesser extent, a view of better-than-expected retained earnings at the bank for this year and next, S&P said.
This improvement has not led to a rating upgrade since the issuer credit rating on Popular is in negative transition, the agency said.
The likelihood of potential extraordinary government support available to senior unsecured creditors will likely diminish as European resolution frameworks are put in place by year-end 2015, S&P said.
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