S&P acts on Spanish banks

S&P said it took various actions on Spanish banks, including trimming Banco de Sabadell SA one notch to BBB- from BBB to reflect the new management’s challenges in turning the bank around. Sabadell’s outlook is stable.

The agency also revised the outlooks: Banco Santander SA, Santander Consumer Finance SA, Banco Bilbao Vizcaya Argentaria SA, Bankinter SA., and Ibercaja Banco S.A to stable from negative and affirmed their ratings.

“Our rating actions on Spanish banks took place 15 months after the Covid-19 pandemic first hit European economies. A combination of steady progress on vaccinations and nascent signs of a powerful economic rebound suggest that the worst impacts, from the perspective of the banking sector, may be behind us,” S&P said in a press release.

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