Fitch Ratings has upgraded Unicaja's Long-Term Issuer Default Rating (IDR) to 'BBB' from 'BBB-', outlook stable; and its Viability Rating (VR) to 'bbb' from 'bbb-'.
Fitch's has also upgraded Unicaja's Short-Term IDR to 'F2' from 'F3'.
According to the rating company, the upgrade mainly reflects structural improvements in Unicaja's profitability, asset quality and capitalisation, observing as key rating drivers: Unicaja’s strengthened financial profile, good regional franchise, retail-focused, moderate risk profile, strength of its deposit franchise and liquidity position.
The full list of rating actions is detailed below:
Ratings |
Current |
Prior |
Long-term IDR |
BBB |
BBB- |
Senior preferred debt |
BBB |
BBB- |
Senior non-preferred debt |
BBB- |
BB+ |
Subordinated debt (Tier 2) |
BB+ |
BB |
Additional Tier 1 (AT1) |
BB- |
B+ |
