Madrid: The ratings agency Standard and Poor’s has upgraded its ratings on several Spanish banks following its decision of raising Spain’s sovereign debt rating.

The S&P raised Spain’s sovereign debt rating from BBB- to BBB with a stable outlook May 23 and said the upgraded ratings on some Spanish banks was result of that decision, reported Xinhua.

The S&P raised the eurozone’s leading bank Santander rating from BBB to BBB+ with stable outlook. It raised Spain’s second-largest lender BBVA rating from BBB- to BBB with a stable outlook and Cecabank’s from BB+ to BBB with positive outlook.

The agency also upgraded Bankinter’s rating from BB to BB+ with positive outlook and has changed Caixabank, Banco Sabadell and Bankia outlooks from stable to positive.

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