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Moody's upgrades Spain's Liberbank

Moody's on March 21 upgraded Spain-based Liberbank SA's long-term deposit rating to Ba2 from Ba3 and changed the outlook to stable from positive.

The rating agency also upgraded the bank's long-term counterparty risk rating to Ba1 from Ba2 and its long- and short-term counterparty risk assessments to Baa3(cr)/P-3(cr) from Ba1(cr)/NP(cr). The bank's baseline and adjusted baseline credit assessments were upgraded to "ba2" from "ba3."

The ratings actions reflect the bank's better-than-before credit profile following a derisking of its balance sheet and incorporate the agency's view that the bank's financial fundamentals will progress further in 2019. The upgrade of the bank's baseline credit assessment reflects its improving asset risk trends, with nonperforming assets falling 31% in 2018, Moody's added.