The current rating given to Cecabank by the three agencies that rate the company is given below.

Agency Short-term Long-Term Outlook Last review
Moody's P-2 Baa2 Stable 11/12/2019
Fitch F3 BBB - Stable 09/10/2018
S&P A-2 BBB+ Stable 31/05/2019

When establishing the credit rating for Spanish banks, rating agencies take into account the rating assigned to the Kingdom of Spain, which we include as a reference:

Agency Short-term Long-Term Outlook Last review
Moody's P-2 Baa1 Stable 13/04/2018
Fitch F1 A- Stable 13/12/2019
S&P A-2 A Stable 20/09/2019

Rating scales for short-term debt used by these agencies are:

Moody's Fitch S&P
Press-1 F1 A-1
Press-2 F2 A-2
Press-3 F3 A-3

Standard & Poor's and Fitch put a plus sign (+) in the A-1 and F1 categories. Rating scales for long-term debt rating used by these agencies are:

Agency Moody's Fitch S&P
Investment Category Aaa/Aa/A/Baa AAA/AA/A/BBB AAA/AA/A/BBB
Speculative Category Ba/B/Caa/Ca/C BB/B/CCC/CC/C BB/B/CCC/CC/C

Moody's applies numerical modifiers 1, 2 and 3 to every general rating category from Aa to B. Modifier 1 indicates that the obligation is placed in the higher band of each general rating category; modifier 2 indicates the middle band and modifier 3 indicates the lower band of each general category. Standard & Poor's applies a plus sign (+) or a minus sign (-) in the AA to CCC categories to indicate the relative position within each category. Fitch applies the same signs from the AAA category onwards.