S&P revises 16 Spanish banks

Standard & Poor's said it took rating actions on 16 Spanish banks following its downgrade of the Kingdom of Spain on April 26.

The agency said the sovereign downgrade has direct negative rating implications for banks rated at or above the sovereign rating on Spain, and for most banks whose ratings incorporate uplift over their stand-alone credit profiles to reflect Spanish government support.

The agency said it took the following actions:

• Lowered the long- and short-term counterparty credit ratings on Banco Santander SA and its core subsidiary Banco Espanol de Credito SA to A-/A-2 from A+/A-1;

• Lowered the ratings on Banco Santander SA's senior debt to A- from A+;

• Lowered the ratings on Banco Santander SA's non-deferrable subordinated debt and Tier 1 hybrid notes by one notch and placed them on CreditWatch with negative implications;

• Lowered the long- and short-term ratings on Banco Santander SA's highly strategic subsidiary Santander Consumer Finance, SA to BBB+/A-2 from A/A-1;

• Affirmed the long- and short-term ratings on Banco Santander SA's highly strategic subsidiary Banco Santander Totta SA at BB/B;

• Lowered the long- and short-term counterparty credit ratings on Banco Bilbao Vizcaya Argentaria SA to BBB+/A-2 from A/A-1;

• Lowered the ratings on Banco Bilbao Vizcaya Argentaria's senior debt to BBB+ from A;

• Lowered the ratings on Banco Bilbao Vizcaya Argentaria non-deferrable subordinated debt and Tier 1 hybrid notes by one notch and placed them on CreditWatch with negative implications;

• Lowered the long- and short-term counterparty credit ratings on Banco de Sabadell SA to BB+/B from BBB-/A-3 and left the long-term on CreditWatch with negative implications;

• Lowered the long- and short-term counterparty credit ratings on Ibercaja Banco SA to BBB-/A-3 from BBB/A-2 and left the ratings on CreditWatch with negative implications;

• Lowered the long- and short-term counterparty credit ratings on Kutxabank SA to BBB-/A-3 from BBB/A-2 and placed them on CreditWatch with negative implications;

• Lowered the long- and short-term counterparty credit ratings on Banca Civica SA to BB+/B from BBB-/A-3 and left them on CreditWatch with positive implications;

• Lowered the long- and short-term counterparty credit ratings on Bankinter S.A. to BBB-/A-3 from BBB/A-2 and placed them on CreditWatch with negative implications;

• Lowered the long- and short-term counterparty credit ratings on Confederacion Espanola de Cajas de Ahorros to BBB-/A-3 from BBB/A-2 and placed them on CreditWatch with negative implications;

• Lowered the long- and short-term counterparty credit rating on Barclays Bank SA to BBB+/A-2 from A/A-1;

• Placed on CreditWatch with negative implications the BBB+/A-2 long- and short-term counterparty credit ratings on CaixaBank SA and the BBB-/A-3 on its parent, Caja de Ahorros y Pensiones de Barcelona, along with all debt ratings not placed on CreditWatch with negative implications on March 30; and

• Placed on CreditWatch with negative implications the BBB-/A-3 long- and short-term counterparty credit ratings on Bankia SA and the BB- long-term rating on its parent company Banco Financiero y de Ahorros SA.

The agency also said that the BBB-/A-3 long- and short-term counterparty credit ratings on Banco Popular Espanol SA remain on CreditWatch with negative implications.

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