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Moody's changes outlook on Ibercaja Banco to positive

Moody's on March 22 affirmed Ibercaja Banco SA's long-term local- and foreign-currency bank deposits at Ba3 and changed the outlook on the ratings to positive from stable.

The rating agency said the actions reflect the gradual improvement of the Spanish lender's asset quality in recent years, as well as Moody's expectation that the positive trend will continue over the next 12 to 18 months.

Moody's also affirmed Ibercaja's "ba3" baseline and adjusted baseline credit assessments, Ba2 long-term local-currency counterparty risk rating and Ba1(cr) long-term counterparty risk assessment, and assigned the bank long- and short-term foreign-currency counterparty risk ratings of Ba2/Not Prime.