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Moody's upgrades Kutxabank's long-term counterparty risk rating

Moody's on Sept. 16 upgraded Kutxabank SA's long-term counterparty risk rating to A3 from Baa1.

The upgrade reflects the agency's expectation for the bank to issue additional loss-absorbing capital to meet regulatory requirements.

Moody's, meanwhile, affirmed the Spanish lender's Baa2/Prime-2 long- and short-term deposit ratings, A3(cr)/Prime-2(cr) long- and short-term counterparty risk assessments and Prime-2 short-term counterparty risk rating.

The outlook on the long-term deposit ratings remains stable.