S&P ups, pulls BBVA USA

S&P said it raised its ratings on BBVA USA Bancshares Inc. to A- from BBB+ and on BBVA USA, its primary bank subsidiary, to A from BBB+. The agency also removed the CreditWatch placements on both entities and assigned a positive outlook to each. The outlook mirrors that of PNC Financial Services, which recently closed its acquisition of BBVA USA Bancshares. S&P then withdrew the ratings on BBVA USA Bancshares.

Concurrently, the agency raised the issue ratings on BBVA USA's senior unsecured and subordinated debt to equalize them with those on PNC Bank NA and withdrew the certificate of deposit rating. S&P also raised the rating on Phoenix Loan Holdings Inc.’s preferred shares to BBB- from BB, and then withdrew it due to the debt's extinguishment.

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