Fitch Ratings has upgraded Unicaja's long-term credit rating (IDR) to 'BBB+' from 'BBB' and maintains a stable outlook. The agency has also upgraded the viability rating (VR) from 'BBB' to 'BBB+'.
According to Fitch, this upward revision reflects Unicaja's sustained improvement in profitability, driven by stronger revenue generation and diversification under the 2025-2027 Strategic Plan, as well as a favourable economic environment in Spain, characterised by higher interest rates and contained funding costs. The agency also highlights the significant improvement in asset quality.
The analysis also highlights Unicaja's capital strength, maintaining comfortable buffers above regulatory requirements, as well as the strength of Unicaja's regional retail franchise, which translates into a stable deposit base and a solid liquidity position.
The full list of rating actions taken by Fitch is detailed below:
Ratings |
Current |
Prior |
Long-term issuer rating |
BBB+ |
BBB |
Senior preferred debt rating |
BBB+ |
BBB |
Senior non-preferred debt rating |
BBB |
BBB- |
Subordinated debt rating (Tier 2) |
BBB- |
BB+ |
Additional Tier 1 rating (AT1) |
BB |
BB- |
