We believe the prospect of extraordinary government support for Spanish banks is now uncertain in view of the country's well-advanced and effective resolution regime. We are therefore removing the one notch of uplift for government support that we had previously incorporated in the long-term counterparty credit ratings on Abanca Corporacion Bancaria S.A. (Abanca). At the same time, we have recognized a strengthening in the bank's intrinsic creditworthiness. We consider that Abanca is unlikely to increase its additional loss-absorbing capacity (ALAC) above our 5.0% threshold within a two-year projection period. We are affirming the long- and short-term counterparty credit ratings on Abanca at 'B+/B'. The stable outlook reflects our expectation that the bank will maintain a broadly stable capital position and
