18 Spanish Banks were downgraded by Fitch; the rating actions are as follows:
CaixaBank, S.A.:
Long-term IDR: downgraded to ‘BBB’ from ‘A-’; removed from RWN; Outlook Negative
Short-term IDR: affirmed at ‘F2′
Viability Rating: downgraded to ‘bbb’ from ‘a-’; removed from RWN
Support Rating: affirmed at ’2′
Support Rating Floor: revised to ‘BBB’ from ‘BBB+’
Commercial Paper Short-term Rating: affirmed at ‘F2′
Senior unsecured debt long-term rating: downgraded to ‘BBB’ from ‘A-’; removed
from RWN
Senior unsecured debt short-term rating: affirmed at ‘F2′
Subordinated debt: downgraded to ‘BBB-’ from ‘BBB+’; removed from RWN
Preferred stock: downgraded to ‘B+’ from ‘BB’; removed from RWN
La Caixa:
Long-term IDR: downgraded to ‘BBB’ from ‘A-’; RWN maintained
Short-term IDR: ‘F2′; RWN maintained
Viability Rating: downgraded to ‘bbb’ from ‘a-’; RWN maintained
Support Rating: affirmed at ’5′
Support Rating Floor: affirmed at ‘No floor’
Senior unsecured debt long-term rating: downgraded to ‘BBB’ from ‘A-’; RWN
maintained
Subordinated debt: downgraded to ‘BBB-’ from ‘BBB+’; RWN maintained
State-guaranteed debt: downgraded to ‘BBB’ from ‘A’
Banca Civica:
Long-term IDR: affirmed at ‘BBB’; removed from RWP; Outlook Negative
Short-term IDR: ‘F3′ RWP maintained
Viability Rating: affirmed at ‘bbb’; removed from RWP
Support Rating: ’3′; RWP maintained
Support Rating Floor: ‘BB+’; RWP maintained
Subordinated lower Tier 2 debt: affirmed at ‘BBB-’; removed from RWP
Subordinated upper Tier 2 debt: affirmed at ‘BB’; removed from RWP
Preferred stock: affirmed at ‘B+’; removed from RWP
State-guaranteed debt: downgraded to ‘BBB’ from ‘A’
Bankia:
Long-term IDR: downgraded to ‘BBB’ from ‘BBB+’; Outlook Negative
Short-term IDR: affirmed at ‘F2′
Viability Rating: downgraded to ‘f’ from ‘c’
Support Rating: affirmed at ’2′
Support Rating Floor: revised to ‘BBB’ from ‘BBB+’
Senior unsecured debt long-term rating: downgraded to ‘BBB’ from ‘BBB+’
Commercial paper: affirmed at ‘F2′
Market-linked senior unsecured securities: downgraded to ‘BBBemr’ from ‘BBB+emr’
State-guaranteed debt: downgraded to ‘BBB’ from ‘A’
Banco Financiero y de Ahorros, S.A. (BFA):
Long-term IDR: affirmed at ‘BB’; Outlook Stable
Short-term IDR: affirmed at ‘B’
Viability Rating: downgraded to ‘f’ from ‘c’
Support Rating: affirmed at ’3′
Support Rating Floor: affirmed at ‘BB’
Subordinated lower tier 2 debt: affirmed at ‘CC’
Subordinated upper tier 2 debt: affirmed at ‘C’
Preferred stock: affirmed at ‘C’
State-guaranteed debt: downgraded to ‘BBB’ from ‘A’
Banco Popular Espanol:
Long-term IDR: downgraded to ‘BBB-’ from ‘BBB’; Outlook Negative
Short-term IDR: affirmed at ‘F3′
Viability Rating: affirmed at ‘bbb-’
Support Rating: affirmed at ’2′
Support Rating Floor: revised to ‘BBB-’ from ‘BBB’
Senior unsecured debt long-term rating: downgraded to ‘BBB-’ from ‘BBB’
Senior unsecured debt short-term rating: affirmed at ‘F3′
Commercial Paper: affirmed at ‘F3′
Subordinated lower tier 2 debt: affirmed at ‘BB+’
Preferred stock: affirmed at ‘B’
BPE Financiaciones S.A.:
Long-term senior unsecured debt: downgraded to ‘BBB-’ from ‘BBB’
Short-term senior unsecured debt: affirmed at ‘F3′
Banco de Sabadell:
Long-term IDR: downgraded to ‘BBB’ from ‘BBB+’; RWN maintained
Short-term IDR: downgraded to ‘F3′ from ‘F2′; RWN maintained
Viability Rating: downgraded to ‘bbb’ from ‘bbb+’; RWN maintained
Support Rating: ’3′; RWP maintained
Support Rating Floor: ‘BB+’; RWP maintained
Senior unsecured debt long-term rating: downgraded to ‘BBB’ from ‘BBB+’; RWN
maintained
Senior unsecured debt short-term rating: downgraded to ‘F3′ from ‘F2′; RWN
maintained
Commercial Paper: downgraded to ‘F3′ from ‘F2′; RWN maintained
Subordinated lower Tier 2 debt: downgraded to ‘BBB-’ from ‘BBB’; RWN maintained
Preferred stock: downgraded to ‘B+’ from ‘BB-’; RWN maintained
Sabadell International Equity Ltd
Preferred stock: downgraded to ‘B+’ from ‘BB-’; RWN maintained
Banco Guipuzcoano:
Long-term IDR: downgraded to ‘BBB’ from ‘BBB+’; RWN maintained; rating withdrawn
Short-term IDR: downgraded to ‘F3′ from ‘F2′; RWN maintained; rating withdrawn
Support Rating: affirmed at ’2′, rating withdrawn
Subordinated lower Tier 2 debt: downgraded to ‘BBB-’ from ‘BBB’; RWN maintained;
debt transferred to Banco de Sabadell
State-guaranteed debt: downgraded to ‘BBB’ from ‘A’; debt transferred to Banco
de Sabadell
Confederacion Espanola de Cajas de Ahorros (CECA):
Long-term IDR: downgraded to ‘BBB’ from ‘BBB+’; Outlook Negative
Short-term IDR: downgraded to ‘F3′ from ‘F2′
Viability Rating: downgraded to ‘bbb’ from ‘bbb+’
Support Rating: downgraded to ’3′ from ’2′
Support Rating Floor: revised to ‘BB+’ from ‘BBB’
Banco Cooperativo Espanol:
Long-term IDR: downgraded to ‘BBB’ from ‘BBB+’; Outlook Negative
Short-term IDR: downgraded to ‘F3′ from ‘F2′
Viability Rating: downgraded to ‘bbb’ from ‘bbb+’
Support Rating: affirmed at ’3′
Support Rating Floor: affirmed at ‘BB+’
State-guaranteed debt: downgraded to ‘BBB’ from ‘A’
Kutxabank, S.A. (Kutxabank):
Long-term IDR: downgraded to ‘BBB’ from ‘A-’; Outlook Negative
Short-term IDR: downgraded to ‘F3′ from ‘F2′
Viability Rating: downgraded to ‘bbb’ from ‘a-’
Support Rating: affirmed at ’3′
Support Rating Floor: affirmed at ‘BB+’
Senior unsecured debt long-term rating: downgraded to ‘BBB’ from ‘A-’
Senior unsecured debt short-term rating: downgraded to ‘F3′ from ‘F2′
Subordinated debt: downgraded to ‘BBB-’ from ‘BBB+’
State-guaranteed debt: downgraded to ‘BBB’ from ‘A’
BBK Bank CajaSur, S.A.U. (BBK Bank CajaSur):
Senior unsecured debt long-term rating: downgraded to ‘BBB’ from ‘A-’
Preferred stock: downgraded to ‘B+’ from ‘BB’
Subordinated debt: downgraded to ‘BBB-’ from ‘BBB+’
State-guaranteed debt: downgraded to ‘BBB’ from ‘A’
Banco Mare Nostrum S.A. (BMN):
Long-term IDR: downgraded to ‘BBB-’ from ‘BBB’; placed on RWN
Short-term IDR: rated at ‘F3′; placed on RWN
Viability Rating: downgraded to ‘bbb-’ from ‘bbb’; placed on RWN
Support Rating: affirmed at ’3′
Support Rating Floor: affirmed at ‘BB+’
Commercial Paper Long-term Rating: downgraded to ‘BBB-’ from ‘BBB’, placed on
RWN
Commercial Paper Short-term Rating: rated at ‘F3′; placed on RWN
Senior unsecured debt long-term rating: downgraded to ‘BBB-’ from ‘BBB’, placed
on RWN
Senior unsecured debt short-term rating: rated at ‘F3′;placed on RWN
Subordinated lower tier 2 debt: downgraded to ‘BB+’ from ‘BBB-’, placed on RWN
Preferred stock: downgraded to ‘B’ from ‘B+’, placed on RWN
State-guaranteed debt: downgraded to ‘BBB’ from ‘A’
Liberbank S.A.:
Long-term IDR: downgraded to ‘BBB-’ from ‘BBB+’; placed on RWN
Short-term IDR: downgraded to ‘F3′ from ‘F2′; placed on RWN
Viability Rating: downgraded to ‘bbb-’ from ‘bbb+’; placed on RWN
Support Rating: affirmed at ’3′
Support Rating Floor: affirmed at ‘BB+’
State-guaranteed debt: downgraded to ‘BBB’ from ‘A’
Banco de Castilla-La Mancha (BCLM):
Long-term IDR: downgraded to ‘BBB-’ from ‘BBB+’; placed on RWN
Short-term IDR: downgraded to ‘F3′ from ‘F2; placed on RWN
Support Rating: rated at ’2′; placed on RWN
Senior unsecured debt long-term rating: downgraded to ‘BBB-’ from ‘BBB+’, placed
on RWN
Subordinated lower tier 2 debt: downgraded to ‘BB+’ from ‘BBB’, placed on RWN
Subordinated upper tier 2 debt: downgraded to ‘BB-’ from ‘BB+’, placed on RWN
Unicaja Banco, S.A.U. (Unicaja):
Long-term IDR: downgraded to ‘BBB-’ from ‘A-’; RWN maintained
Short-term IDR: downgraded to ‘F3′ from ‘F2′; RWN maintained
Viability Rating: downgraded to ‘bbb-’ from ‘a-’; RWN maintained
Support Rating: affirmed at ’3′
Support Rating Floor: affirmed at ‘BB+’
State-guaranteed debt: downgraded to ‘BBB’ from ‘A’
Grupo Cooperativo Cajamar:
Long-term IDR: downgraded to ‘BBB-’ from ‘BBB+’; RWN maintained
Short-term IDR: downgraded to ‘F3′ from ‘F2′; RWN maintained
Viability Rating: downgraded to ‘bbb-’ from ‘bbb+’; RWN maintained
Support Rating: affirmed at ’3′
Support Rating Floor: affirmed at ‘BB’
Cajamar Caja Rural, Sociedad Cooperativa de Credito (Cajamar):
Long-term IDR: downgraded to ‘BBB-’ from ‘BBB+’; RWN maintained
Short-term IDR: downgraded to ‘F3′ from ‘F2′; RWN maintained
Senior unsecured debt long-term rating: downgraded to ‘BBB-’ from ‘BBB+’, RWN
maintained
Senior unsecured debt short-term rating: downgraded to ‘F3′ from ‘F2′; RWN
maintained
Subordinated lower Tier 2 debt: downgraded to ‘BB+’ from ‘BBB’, RWN maintained
State-guaranteed debt: downgraded to ‘BBB’ from ‘A’
Caja Laboral Popular (Laboral):
Long-term IDR: downgraded to ‘BBB’ from ‘BBB+’; Outlook Negative
Short-term IDR: downgraded to ‘F3′ from ‘F2′
Viability Rating: downgraded to ‘bbb’ from ‘bbb+’
Support Rating: affirmed at ’3′
Support Rating Floor: affirmed at ‘BB’
Senior unsecured debt long-term rating: downgraded to ‘BBB’ from ‘BBB+’
Senior unsecured debt short-term rating: downgraded to ‘F3′ from ‘F2′
Caja Rural de Navarra, Sociedad Cooperativa de Credito:
Long-term IDR: downgraded to ‘BBB’ from ‘A-’; Outlook Negative
Short-term IDR: downgraded to ‘F3′ from ‘F2′
Viability Rating: downgraded to ‘bbb’ from ‘a-’
Support Rating: affirmed at ’3′
Support Rating Floor: affirmed at ‘BB’
Grupo Cooperativo Iberico de Credito:
Long-term IDR: downgraded to ‘BBB’ from ‘A-’; Outlook Negative
Short-term IDR: downgraded to ‘F3′ from ‘F2′
Viability Rating: downgraded to ‘bbb’ from ‘a-’
Support Rating: affirmed at ’3′
Support Rating Floor: affirmed at ‘BB’
Caja Rural del Sur, Sociedad Cooperativa de Credito:
Long-term IDR: downgraded to ‘BBB’ from ‘A-’; Outlook Negative
Short-term IDR: downgraded to ‘F3′ from ‘F2′
Support Rating: affirmed at ’3′
Support Rating Floor: affirmed at ‘BB’
NCG Banco, S.A.:
State-guaranteed debt: downgraded to ‘BBB’ from ‘A’
All other ratings unaffected by today’s rating actions
Unnim Banc, S.A.U.:
State-guaranteed debt: downgraded to ‘BBB’ from ‘A’
All other ratings unaffected by today’s rating actions
Catalunya Banc, S.A.:
State-guaranteed debt: downgraded to ‘BBB’ from ‘A’
Banco de Caja Espana de Inversiones, Salamanca y Soria, S.A.U. (CEISS):
State-guaranteed debt: downgraded to ‘BBB’ from ‘A’