Moody’s acts on 12 Spanish banks

Moody's Investors Service said it took the following actions on 12 Spanish banking groups following the April 13 upgrade of Spain's government bond rating to Baa1 from Baa2:

• Banco Santander, SA (Spain): Deposits upgraded to A2/Prime-1 from A3/Prime-2, senior unsecured debt program ratings upgraded to provisional A2 from provisional A3, respectively. Long-term issuer rating upgraded to A2 from A3. The outlook on the long-term ratings remains stable. Counterparty risk assessment affirmed at A3(cr)/Prime-2(cr);

• Banco Bilbao Vizcaya Argentaria, SA: Deposit ratings affirmed at A3/Prime-2, long-term senior unsecured debt ratings affirmed at Baa1 and outlook on the long-term ratings changed to positive from stable. Long-term counterparty risk assessment upgraded to A3(cr) from Baa1(cr) and short-term counterparty risk assessment affirmed at Prime-2(cr);

• CaixaBank, SA: Long-term deposit ratings upgraded to Baa1 from Baa2 and outlook changed to stable from positive. Short-term deposit ratings affirmed at Prime-2. Senior unsecured debt ratings affirmed at Baa2 and outlook changed to positive from stable;

• Bankia, SA: Deposit ratings upgraded to Baa2/Prime-2 from Baa3/Prime-3, long-term senior unsecured debt ratings upgraded to Baa3 from Ba1, and outlook on the long-term ratings changed to stable from developing. BCA and adjusted BCA affirmed at ba2. Long-term counterparty risk assessment upgraded to Baa1(cr) from Baa2(cr). Short-term counterparty risk assessment affirmed at Prime-2(cr);

• Banco Sabadell, SA: Deposit ratings affirmed at Baa2/Prime-2 and outlook on the long-term deposit ratings changed to positive from stable. Long-term counterparty risk assessment upgraded to Baa1(cr) from Baa2(cr). Short-term counterparty risk assessment affirmed at Prime-2(cr);

• Banco Popular Espanol, SA: Deposit ratings upgraded to Baa2/Prime-2 from Baa3/Prime-3, senior unsecured debt program ratings upgraded to provisional Baa2 from provisional Baa3. The outlook on the long-term deposit ratings remains positive. Counterparty risk assessment upgraded to Baa2(cr)/Prime-2(cr) from Baa3(cr)/Prime-3(cr);

• Santander Consumer Finance SA: Deposits ratings upgraded to A2/Prime-1 from A3/Prime-2 and long-term senior unsecured debt ratings upgraded to A2 from A3. The outlook on the long-term ratings remains stable. counterparty risk assessment affirmed at A3(cr)/Prime-2(cr);

• Bankinter, SA: Long-term counterparty risk assessment upgraded to A3(cr) from Baa1(cr). Short-term counterparty risk assessment affirmed at Prime-2(cr);

• Kutxabank, SA: Long-term counterparty risk assessment upgraded to A3(cr) from Baa1(cr). Short-term counterparty risk assessment affirmed at Prime-2(cr);

• Instituto de Credito Oficial: Long-term senior unsecured debt ratings upgraded to Baa1 from Baa2. Short-term commercial paper ratings affirmed at Prime-2;

• Banca March SA: Long-term counterparty risk assessment upgraded to A3(cr) from Baa1(cr). Short-term counterparty risk assessment affirmed at Prime-2(cr); and

• Caja Rural de Navarra: long-term deposit ratings upgraded to Baa1 from Baa2. The outlook on these ratings remains stable. Short-term deposit ratings affirmed at Prime-2. BCA and adjusted BCA upgraded to baa1 from baa2. Long-term counterparty risk assessment upgraded to A3(cr) from Baa1(cr). Short-term counterparty risk assessment affirmed at Prime-2(cr).

The ratings, outlooks and rating inputs of other Moody's rated Spanish banks are unaffected.

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