The rating agency Moody's has raised Unicaja's long-term deposit rating two notches to 'A3' from 'Baa2', as well as the baseline credit assessment (BCA) to 'Baa2' from 'Ba1', with a stable outlook.
According to the agency's report, the rating upgrade reflects the strengthening of Unicaja's financial situation, based on a solid solvency position, the reduction of problematic assets and the increase in profitability. This new rating also takes into account the recent upgrade of Spain's long-term credit rating to A3 from Baa1.
Similarly, the agency has also upgraded Unicaja's mortgage bond rating by one notch (to Aaa from Aa1), reaching the highest rating on Moody's scale.
The complete list of the ratings assigned by Moody's is detailed below:
Ratings |
Current |
Previous |
Long-term deposits |
A3 |
Baa2 |
Short-term deposits |
P-2 |
P-2 |
Baseline Credit Assessment (BCA) |
Baa2 |
Ba1 |
Subordinated debt |
Baa3 |
Ba2 |
Mortgage bonds |
Aaa |
Aa1 |
