Moody’s changes Ibercaja view

Moody's Investors Service said it affirmed the long-term deposit ratings of Ibercaja Banco SA at Ba3 and changed the outlook to positive from stable.

At the same time, Moody's affirmed the bank's baseline credit assessment and adjusted baseline credit assessment at ba3.

Further, Ibercaja's long-term counterparty risk assessment been affirmed at Ba1(cr) as well as its long-term local currency counterparty risk rating at Ba2 and its subordinate debt rating at B1.

The bank's short-term ratings and assessments are unaffected.

Moody's also assigned a long-term and short-term foreign currency counterparty risk rating of Ba2/Not Prime to Ibercaja.

The agency said the actions reflect the gradual improvement of Ibercaja's asset quality achieved in recent years, and Moody's expectation that the improving asset risk trend will continue over the next 12 to 18 months.

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