Moody’s ups Abanca deposits to Ba2

Moody's Investors Service said it upgraded Abanca Corporacion Bancaria, SA's long-term deposit ratings to Ba2 from Ba3 and revised the outlook to positive from stable.

The agency also upgraded the bank's baseline credit assessment and adjusted baseline credit assessment to ba2 from ba3 and its counterparty risk assessment to Baa3(cr)/Prime-3(cr) from Ba1(cr)/Not Prime(cr).

The Not Prime short-term deposit ratings were unaffected.

Moody’s said the action was prompted by its assessment of Abanca's further materially strengthened financial profile primarily from the bank's improving asset risk metrics, a trend that Moody's expects to continue supported by Spain's favorable economic performance which is also reflected in the positive outlook on the bank's ratings.

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