BBVA: S&P downgrades credit outlook to 'negative'
(CercleFinance.com) - S&P Global Ratings on Monday downgraded its credit outlook for the Spanish banking giant BBVA from "stable" to "negative," citing exposure to Turkey, while confirming its "A-" rating on the group.
"The rating action reflects our belief that current events in Turkey have the potential to negatively affect our view of the group's creditworthiness," the agency noted in a press release.
S&P pointed out that BBVA is exposed to Turkey through its fully-consolidated Turkish subsidiary, Garanti.
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"The rating action reflects our belief that current events in Turkey have the potential to negatively affect our view of the group's creditworthiness," the agency noted in a press release.
S&P pointed out that BBVA is exposed to Turkey through its fully-consolidated Turkish subsidiary, Garanti.
Copyright (c) 2018 CercleFinance.com. All rights reserved.