Juan Carlos Escotet Rodríguez: S&P Raises One Level in the Rating of Financial Viability of Abanca
The rating agency Standard & Poor’s (S&P) has raised one level in the rating of feasibility of Abanca, whose CEO is Francisco Botas Ratera and vice president, Juan Carlos Escotet Rodriguez. The agency moved from ‘b’ to ‘b+’, as highlighted by the financial institution.
The viability rating reflects the intrinsic financial strength of the entity based on four key factors:
- the position of the business,
- capital and profits,
- the risk position, and
- funding and liquidity.
On the other hand, S&P recently informed the rating issuer long- and short-term of Abanca at ‘B+’ and ‘B’, respectively, maintaining its stable outlook. The Standard & Poor’s qualification is the result of the general review of the ratings of financial institutions by the agency for the withdrawal of sovereign support to mark the entry into force of the “MUR” (Mecanismo Europeo de Resolucion de Entidades de Credito in Spanish.)
More Qualifications. Abanca indicates that this improvement the level of the rating joins the latest report from DBRS (Dominion Bond Rating Service), which raised one notch financial strength rating and also confirmed the long-term issuer rating of banking ‘BBB’ (meaning low) and short-term rating in ‘R-2’ (meaning middle), placing both ratings with a stable outlook.