Standard & Poor's raises the long-term outlook of the Cecabank rating - Cecabank
31 May 2019
- Cecabank's long-term rating grows from BBB to BBB+, emphasising the company's strong capital
Today, the rating agency Standard & Poor's announced the improvement of Cecabank's long-term rating, which grows from BBB to BBB+, with a stable perspective. With regard to their short-term rating, it remains at A-2.
Among S&P's main arguments for improving this rating is the bank's strong capital, whose CET1 ratio stood at 31.65% in March this year, one of the highest in the Spanish financial system. The agency takes into account that this situation is also sustainable over time and that Cecabank has a low-risk profile.
Other aspects have also contributed to the increased rating, such as the consolidation of its business model, which has allowed Cecabank to have more diverse client and service portfolios, despite the restructuring and consolidation process that the Spanish financial sector has undergone.
Lastly, the improvement of Spain's economic risk has also positively influenced the company acquiring the BBB+ rating.