S&P ups Banco de Sabadell

S&P said it raised to BBB+ from BBB the long-term issuer credit rating on Banco de Sabadell SA and affirmed the A-2 short-term rating.

The outlook is stable.

S&P noted that Banco de Sabadell reported record high profits in 2023, outperforming the target that it announced alongside its restructuring plan in mid-2021, and thereby narrowing the gap with higher rated peers.

“Sabadell has significantly shrunk its cost base and progressed in digitalizing its business model, while it continues to turn around its U.K. operations. These achievements, combined with the still positive – albeit declining – interest rate environment, should help the bank sustain its strengthened profitability,” S&P said in a news release.

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