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Fitch revises rating outlook on 4 Spanish banks

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Fitch revises rating outlook on 4 Spanish banks

Fitch Ratings on March 27 revised the outlook on the long-term issuer default ratings of Spain-based Grupo Cooperativo Cajamar, its central bank Banco de Crédito Social Cooperativo SA and its largest cooperative bank Cajamar Caja Rural SCC to stable from positive, while affirming the ratings at BB-.

The outlook revision reflects Fitch's view that Grupo Cooperativo Cajamar's asset quality metrics and capital ratios could materially improve later than initially thought.

Meanwhile Fitch revised the outlook on the long-term issuer default rating of Spanish bank Abanca Holding Financiero SA's unit Abanca Corporación Bancaria SA to positive from stable, while affirming the rating at BB+.

The outlook reflects Fitch's expectation that Abanca's asset quality and core banking profitability will keep improving over the next 18 to 24 months while capitalization remains sufficiently above minimum requirements in a growing business cycle.

The agency affirmed the four banks' short-term issuer default ratings at B.