Fitch trims Unicaja debt

Fitch Ratings said it affirmed Unicaja Banco, SA's long-term issuer default rating at BBB-. The outlook is stable.

At the same time, Unicaja's subordinated debt was downgraded to BB from BB+ and removed from under criteria observation to reflect the switch to a baseline notching of two notches for loss severity from the anchor rating under Fitch's new bank rating criteria published on Feb. 28.

“The ratings of Unicaja reflect its sound but concentrated regional franchise, capital ratios with satisfactory buffers over regulatory minimums, a large, stable and granular customer deposit base and ample liquidity,” the agency said in a news release.

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