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Moody's upgrades Spain-based Bankoa

Moody's on June 4 upgraded Bankoa SA's long-term bank deposit rating to Baa1 from Baa2, with a stable outlook.

The Spanish bank's baseline credit assessment was also upgraded to "baa3" from "ba1," its adjusted baseline credit assessment to "baa1" from "baa2" and long-term counterparty risk assessment to A3(cr) from Baa1(cr).

The agency affirmed the bank's Prime-2 short-term bank deposit rating and Prime-2(cr) short-term counterparty risk assessment.

The upgrade of the lender's baseline credit assessment is based on its improved credit profile, mainly in terms of asset risk, and drove the similar action on its adjusted baseline credit assessment.

The upgrade of Bankoa's long-term bank deposit rating reflects the upgrade of its adjusted baseline credit assessment, the result from Moody's advanced loss-given failure analysis and the agency's assessment of low potential government support.

The stable outlook reflects the agency's view that all projected trends in Bankoa's financial fundamentals are captured within the current credit ratings.