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Moody’s lifts Banco Sabadell, debt
Moody's Investors Service said it upgraded the following ratings and assessments of Banco Sabadell, SA and its supported entities: (a) The deposit ratings to Baa2/Prime-2 from Baa3/Prime-3; (b) the senior debt ratings to Baa3 from Ba1; (c) the subordinated debt rating to Ba3 from B1; (d) the preference shares to B3 (hyb) from Caa1 (hyb); (e) the baseline credit assessment (BCA) and adjusted BCA to ba2 from ba3; and (f) the counterparty risk assessment to Baa2(cr)/Prime-2(cr) from Baa3(cr)/Prime-3(cr).
The outlook on the long-term deposit and senior debt ratings is stable.
Moody’s said the action reflects the improvement of Banco Sabadell's credit fundamentals, notably in terms of asset risk, with a sustained decline in the stock of problematic assets.
The agency added that it expects this trend to continue in 2017, underpinned by the sound growth prospects of the Spanish economy.
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