Fitch raises, pulls BBVA USA ratings

Fitch Ratings said it upgraded BBVA USA Bancshares, Inc.'s and its primary operating subsidiary BBVA USA's long-term issuer default ratings to A+ from BBB.

“Concurrent with this action, the ratings of BBVA USA Bancshares, Inc. are withdrawn as this entity has been collapsed into PNC Financial Services. BBVA USA has become an indirect subsidiary of PNC Financial Services Group, Inc. (PNC). BBVA USA will be merged into PNC Bank, N.A., likely in 4Q21, at which point Fitch expects to withdraw its ratings on BBVA USA. BBVA USA Bancshares, Inc. and BBVA USA's ratings had been on rating watch positive,” the agency said in a press release.

Fitch removed BBVA USA's rating watch and assigned a stable outlook.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.