Moody’s ups Abanca ratings

Moody's Investors Service said it upgraded Abanca Corporacion Bancaria, SA's long-term deposit ratings to Ba1 from Ba2.

The outlook remains positive.

The agency has also upgraded the bank's baseline credit assessment and adjusted BCA to ba1 from ba2; subordinated debt rating to Ba2 from Ba3; counterparty risk assessments to Baa1(cr)/Prime-2(cr) from Baa3(cr)/Prime-3(cr); and counterparty risk ratings to Baa2/Prime-2 from Ba1/Not Prime.

Abanca's short-term deposit ratings were affirmed at Not Prime.

The agency said the upgrade was prompted by Moody's assessment of Abanca's further materially strengthened financial profile primarily from the bank's improving asset risk, a trend that Moody's expects to continue supported by Spain's positive economic performance.

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