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S&P revises outlook on Bankinter on back of plan to divest, list insurance unit

S&P Global Ratings on Dec. 23 affirmed the BBB+/A-2 long- and short-term issuer credit ratings of Bankinter SA and revised the outlook on the long-term rating to negative from stable.

The ratings action follows the bank's plan to sell an 82.6% stake in wholly owned insurance company Línea Directa Aseguradora SA Compañía de Seguros y Reaseguros and then list the unit on the stock market.

The negative outlook reflects the rating agency's view that the plan to divest Linea Directa Aseguradora is a credit negative, mainly because Bankinter will potentially lose an important recurrent revenue stream, which consistently strengthened the bank's results. The move also raises doubt about the lender's capacity to build capital internally and its business diversification.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.