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Bond Market News
Santander, BBVA, Caixabank Upgraded by Moody’s
October 6, 2025
Multiple Spanish banks including the likes of Santander, BBVA, and Caixbank were upgraded by Moody’s. The issuer rating of Santander was upgraded to A1 from A2, while those of BBVA and Caixabank were raised to A2 from A3. The upgrade follows the raising of Spain’s macro profile citing a more supportive operating environment for banks. Bank operating conditions have improved on the back of Spain’s robust and balanced economic growth, improved labor market conditions aided by positive migration, and solid GDP forecasts of 2.6% in 2025 and 2.1% in 2026, both above the Euro area average. Spanish banks’ credit strength is further underpinned by lower private-sector leverage, strong customer repayment capacity, and sound funding conditions, supported by a stable deposit base and healthy liquidity metrics, Moody’s added. Bonds of these banks were trading broadly stable.
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