Moody’s Significantly Upgrades Unicaja banco Ratings
Madrid, Spain – Moody’s Investors Service has announced a significant upgrade to Unicaja Banco’s credit ratings, signaling increased confidence in the financial institution’s stability and performance. the rating agency raised Unicaja’s long-term deposit rating by two notches, from ‘Baa2’ to ‘A3’, and improved its Baseline Credit Assessment (BCA) to ‘Baa2’ from ‘Ba1’, assigning a stable outlook.
This upgrade reflects Unicaja’s strengthened financial profile, driven by robust solvency, a reduction in non-performing assets, and improved profitability.The decision also factors in the recent sovereign rating increase for Spain, which Moody’s elevated from ‘BAA1’ to ’A3’. The improved ratings are expected to lower Unicaja’s borrowing costs and enhance its access to capital markets,ultimately benefiting shareholders and customers.
Along with the core ratings, Moody’s also upgraded Unicaja’s mortgage cards to ‘Aaa’, the highest possible rating on its scale. This comprehensive review underscores a positive trajectory for the bank amidst a dynamic economic landscape.
Here’s a detailed breakdown of the updated ratings:
| Rating | Current | Previous |
|---|---|---|
| Long-term deposits | A3 | Baa2 |
| Short-term deposits | P-2 | P-2 |
| Baseline Credit assessment | Baa2 | Ba1 |
| Subordinated debt | Baa3 | Ba2 |
| Mortgage cards | Aaa | AA1 |
