S&P acts on Spanish banks

S&P said it raised its long- and short-term issuer credit ratings on Banco Santander SA to A/A-1 from A-/A-2, raised the long-term rating on Banco Popular Español SA and Santander Consumer Finance SA to A- from BBB+ and affirmed the short-term ratings at A-2.

The agency also raised its long-term ratings on Banco Bilbao Vizcaya Argentaria SA and BBVA Global Markets BV to A- from BBB+ and affirmed the short-term ratings at A-2.

S&P raised the long-term rating on Caixabank SA and Bankinter SA to BBB+ from BBB and affirmed the A-2 short-term rating.

The agency raised the long- and short-term ratings on Bankia SA and Banco de Sabadell SA to BBB/A-2 from BBB-/A-3, and those on BFA Tenedora de Acciones SAU to BBB-/A-3 from BB+/B.

S&P raised the long-term ratings on Abanca Corporación Bancaria SA to BB from BB- and affirmed the B short-term ratings.

The agency affirmed the ratings on Kutxabank SA and Cecabank SA at BBB/A-2, on Caja Laboral Popular Cooperativa de Crédito at BBB-/A-3 and on Ibercaja Banco SA at BB+/B.

S&P also raised the issue ratings on the senior unsecured, senior nonpreferred, subordinated and preferred debt instruments issued or guaranteed by the entities that were upgraded, except for the short-term debt ratings of entities whose short-term ratings were affirmed.

The agency raised the long-term ratings on Santander Holdings USA, Santander Consumer Bank AG and Santander Bank NA to A- from BBB+ and affirmed the A-2 short-term rating.

S&P affirmed the long- and short-term ratings on Compass Bank and BBVA Compass Bancshares at BBB+/A-2 and raised the preferred stock rating issued by Compass Loan Holdings to BB from BB-.

The agency raised the long-term ratings on BBVA Banco Continental to BBB+ from BBB and affirmed the A-2 short-term rating and the BBB- rating on its nondeferrable subordinated debt.

S&P said the actions take into account a view that, after years of meaningful deleveraging, funding risks have reduced for the Spanish banking system.

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