Standard & Poor’s raises Bankinter’s rating to ‘BBB’
The credit rating agency maintains a positive outlook for the bank’s credit ratings, upgrading its long-term rating to ‘BBB’ and raising its short-term rating to ‘A-2’.
Bankinter’s issuer credit rating has improved. Standard & Poor’s announced today that it has upgraded the bank’s long-term credit grade from ‘BBB-’ to ‘BBB’. It has also raised Bankinter’s short-term rating from ‘A-3’ and ‘A-2’ and maintains a positive outlook for both ratings.
Standard & Poor’s attributes Bankinter’s upgraded ratings mainly to its improving liquidity profile (after significantly reducing its liquidity gap in 2016 by more than 3 billion euros) and to its decreased dependence on short-term wholesale financing. Furthermore, the US credit rating agency recognises lower economic risk in the Spanish banking industry.
Standard & Poor's positive outlook for Bankinter’s credit grade suggests that it may raise Bankinter’s rating in the next 12-to-24 months, provided that the Spanish economy continues to grow so that banks can improve its level of capital.
Ultimately, Standard & Poor’s upgrade of Bankinter’s rating reveals the bank’s favourable level of solvency and asset quality, as well as its ability to continue to generate profits through its recurrent business activities.