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Moody's upgrades Kutxabank

Moody's on April 28 upgraded to Ba1 from Ba2 's long-term depositand senior debt ratings, with a stable outlook.

The rating agency also raised to "ba1" from"ba2" the bank's baseline and adjusted baseline credit assessmentsand to Baa2(cr)/Prime-2(cr) from Baa3(cr)/Prime-3(cr) its long- and short-termcounterparty risk assessments.

The upgrade of the bank's baseline and adjusted baselinecredit assessments, which reflects improvement in the bank's creditfundamentals especially in terms of asset risk and capital, underpins theoverall ratings action that also takes into account enhancement in the bank'scapital buffers.

However, the BCA also reflects constraints the bank faces,including its high level of problematic exposures and pressures on its revenuesdue to its focus on the mortgage sector at a time when Spain has very lowinterest rates and subdued business volumes.