The credit ratings agency Fitch has warned that eight Spanish banks are ‘on review’ for a possible reduction in their credit ratings, mainly due to the profound adverse effect the eurozone crisis is having on economic and financial stability.
The agency is questioning the AA- rating of Santander and its subsidiaries Banesto (‘AA-‘), Allfunds (‘A’) and Santander Totta (‘A’) relating to long-term debt.
Under review, also relating to long-term debt, are BBVA (‘A +’), Caixabank (‘A’), La Caixa (‘A’), Bankia (‘A’), Caja (‘A ‘) and the Spanish Cooperative Bank (ECB). It also maintains negative outlook ratings for BBK (‘A’) and Unicaja (‘A’).
Fitch also will review the ‘A’ rating of the Spanish Confederation of Savings Banks (CECA) and the ‘AA-‘ rating of the Official Credit Institute (ICO).