Moody’s raises Unicaja Banco

Moody's Investors Service said it upgraded the following ratings and assessments of Unicaja Banco: (a) Deposit ratings to Baa3/Prime-3 from Ba2/Not Prime; (b) baseline credit assessment and adjusted BCA to ba2 from ba3; and (c) counterparty risk assessment to Baa2(cr)/Prime-2(cr) from Baa3(cr)/Prime-3(cr).

The outlook on the long-term deposit ratings was changed to stable from positive.

Moody’s said the action reflects the continued de-risking and strengthening of Unicaja's credit profile as confirmed by 2017 full-year results and the agency’s expectation that this trend will continue in 2018 underpinned by Spain's sound economic growth prospects.

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