ISIN.net update courtesy of Reuters
The following statement was released by Fitch Ratings Agency
BARCELONA/LONDON, February 20 (Fitch) Fitch Ratings has placed Catalunya Banc, S.A’s state guaranteed Long-term senior debt rating of ‘BBB+’ on Rating Watch Positive (RWP), given expectations that Banco Bilbao Vizcaya Argentaria, S.A.’s (BBVA; A-/Stable) acquisition of Catalunya Banc will be completed in the next few months.
KEY RATING DRIVERS – SENIOR DEBT While Fitch does not rate Catalunya Banc, the issues bear the full guarantee of the Spanish government (BBB+/Stable/F2), hence they are currently rated at the same level as Spain’s Long-term foreign currency rating. The RWP reflects that once the acquisition is completed BBVA will own either 98.4% or 100% of Catalunya Banc, depending on the assessment of the sale conditions by the European Comission.. Fitch will then consider Catalunya Banc to be part of BBVA’s core banking business and its state-guaranteed issues will benefit from an extremely high likelihood of support from BBVA, should it be needed.
KEY RATING SENSITIVITIES – SENIOR DEBT The state guaranteed issue ratings are sensitive to changes in Spain’s Long-term foreign currency ratings and the formalisation of BBVA’s acquisition. Catalunya Banc’s notes whose debt rating of ‘BBB+’ was placed on RWP are as follows: -EUR221.5m, issued in June 2010, maturing in June 2015, floating rate, ISIN code: ES0315346090 -EUR31.5m, issued in June 2010, maturing in June 2015, fixed rate 4.24%, ISIN code ES0315346082