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S&P Ratings Action on 15 Spanish Banks Fails to Move the Euro

S&P Ratings Action on 15 Spanish Banks Fails to Move the Euro

2012-02-13 20:00:00
Lujia Lin,
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THE TAKEAWAY: S&P takes ratings action on 15 Spanish banks > Move largely expected following Spain’s sovereign downgrade on Jan. 13 > EUR reaction muted

Standard & Poor’s downgraded 13 Spanish financial institutions on Monday and took ratings action on 2 others in a move largely anticipated after the agency cut Spain’s sovereign rating on January 13. The following institutions were affected, including the country’s largest lenders Santander and Banco Bilbao Vizcaya Argentaria (BBVA):

Bank

Original

Downgraded To

Outlook

Downgrade

Banco Santander

AA-

A+

Negative

BBVA

A+

A

Negative

CaixaBank

A

BBB+

Stable

Caja de Ahorros y Pensiones de Barcelona

BBB+

BBB-

Stable

Bankinter

BBB+

BBB

Negative

Ibercaja Banco

BBB+

BBB

Negative

Banco de Sabadell

BBB

BBB-

Watch Negative

Banco Popular Español

BBB+

BBB-

Watch Negative

Banca Civica

BBB

BBB-

Negative

Bankia

BBB+

BBB-

Negative

Banco Financiero y de Ahorros

BB+

BB-

Negative

Bilbao Bizkaia Kutxa

BBB+

BBB

Negative

Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastián

BBB+

BBB

Negative

Outlook Change

Barclays Bank S.A.

A (Stable to Negative)

New Rating

Kutxabank

BBB (Negative)

The Euro’s reaction remained muted due to the widely-expected nature of S&P’s action.

SP_Rating_Action_on_15_Spanish_Banks_Fails_to_Move_the_Euro_body_Picture_5.png, S&P Ratings Action on 15 Spanish Banks Fails to Move the Euro

Chart generated using Strategy Trader

Instead, the common currency continues to be supported by Greece’s passage of austerity measures on Sunday, and markets will continue to focus on developments related to the country’s second bailout package as Eurozone finance ministers meet on Wednesday.

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