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Moody’s ups Banco Sabadell
Moody’s Investors Service said it raised its ratings on Banco Sabadell SA, including its senior unsecured debt ratings to Baa2 from Baa3, its junior senior unsecured rating to Ba1 from Ba2 and the subordinated debt rating to Ba2 from Ba3. The agency also revised its outlook for the bank to stable from positive.
The higher ratings reflect the upgrade of Banco Sabadell’s baseline credit assessment and adjusted baseline credit assessment to ba1 from ba2, the agency said.
“The upgrade of Banco Sabadell's BCA to ba1 reflects the gradual strengthening of the bank's credit profile, principally in terms of asset quality and profitability, and Moody's view that the higher interest rates will support further improvements in profitability during the outlook period, while the build-up of new problem loans will remain contained,” the agency said in a statement.
Turning to the outlook, Moody’s said it expects a modest increase in problem loans and stronger earnings in the next 12-18 months.
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