S&P ups European banks

S&P said it upgraded the ratings of two European banks and their subsidiaries, citing its revised criteria published on Dec. 9.

The agency raised the long-term issuer credit rating on Banco Santander SA to A+ from A, the long-term issue ratings on all outstanding senior unsecured instruments to A+ from A, and affirmed all hybrid debt ratings. affirmed. The outlook is negative.

S&P also raised the long-term ICR on Banco Bilbao Vizcaya Argentaria SA to A from A-, the issue ratings on all outstanding senior unsecured instruments to A from A- and affirmed the debt ratings on hybrid instruments. The outlook is negative.

In a related action, the agency raised to A from A-, the long-term ICRs and senior unsecured issue ratings on the following subsidiaries: Santander Consumer Finance SA (SCF), Santander Consumer Bank AG (SCB), and BBVA Global Markets BV. The debt ratings on hybrids were also affirmed. The outlook on the three entities is negative.

For all these issuers, the ICRs and senior unsecured debt and program ratings were removed from under criteria observation where they were placed on Dec. 9.

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