| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers I > Headlines for Ibercaja Banco SA > News item |
S&P raises Ibercaja Banco
S&P said it raised Ibercaja Banco SA’s issuer rating to BBB- from BB+.
“The upgrade reflects our view that Ibercaja has delivered the execution of its business plan. We think management's efforts to restructure, streamline, and digitize its business are effective. The completion of a 15% headcount reduction over 2017-2021 was particularly pertinent in addressing the bank's high-cost base and it prepares the bank well to deal with ongoing inflationary pressures. Furthermore, Ibercaja fulfilled its business plan without impairing business generation capacity,” the agency said in a press release.
Additionally, S&P said recent rate hikes will significantly help Ibercaja’s earnings.
The outlook is stable.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.