S&P revises Abanca view to stable

S&P said it revised the outlook on Abanca Corporacion Bancaria SA to stable from negative and affirmed the bank’s BB+ long-term issuer credit rating.

The outlook revision reflects the view that Abanca’s recent €375 million additional tier 1 issuance, as well as its expected decision to abandon plans to acquire Eurobic will strengthen its capitalization, putting it in a healthier position to withstand any further deterioration in economic conditions. “At the same time, we think Abanca’s risk profile is well placed to deal with expected asset quality erosion,” S&P said in a press release.

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