Moody's acts on Iberian banks

Moody's Investors Service said it acted on six Iberian banks. The rating actions were driven by revisions to Moody's advanced loss given failure framework, which is applied to banks operating in jurisdictions with operational resolution regimes, following the publication of Moody's updated banks methodology on Friday.

Moody's affirmed the subordinated debt ratings of Banco Santander SA and Santander Consumer Finance SA at Baa2 and their subordinated program ratings at (P)Baa2, upgraded the subordinated debt ratings of Banco Bilbao Vizcaya Argentaria, SA by one notch to Baa2 from Baa3 and its subordinated program ratings to (P)Baa2 from (P)Baa3, upgraded the long-term junior senior unsecured debt ratings of Banco Sabadell, SA to Ba2 from Ba3, upgraded the senior unsecured debt rating of Caixa Geral de Depositos, SA to Baa3 from Ba1, senior unsecured program rating to (P)Baa3 from (P)Ba1, junior senior unsecured rating to Ba1 from Ba2 and the junior senior unsecured program rating to (P)Ba1 from (P)Ba2.

Finally, the agency upgraded the junior senior unsecured program rating of Banco Comercial Portugues, SA to (P)Ba2 from (P)Ba3.

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