Fitch Affirms Banco Mare Nostrum at 'BB+'; Upgrades VR to 'bb'

April 1, 2015 3:58 PM

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(The following statement was released by the rating agency) BARCELONA/LONDON, April 01 (Fitch) Fitch Ratings has affirmed Spain-based Banco Mare Nostrum S.A.'s (BMN) Long-term Issuer Default Ratings (IDR) at 'BB+', with a Negative Outlook, and its Short-term IDR at 'B'.

The agency has also upgraded the entity's Viability Rating (VR) to 'bb' from 'bb-', mainly reflecting strengthening capitalisation and improvements to profitability after a successful completion of cost rationalisation. A full list of rating actions is detailed at the end of this rating action comme...

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