We consider Abanca's quality and sustainability of earnings has improved over the past two years, reducing the gap with those of higher-rated peers. At the same time, the bank has integrated small acquisitions, contributing to a wider geographic and business diversification. We therefore raised our ratings on Abanca to 'BBB-/A-3' from 'BB+/B'. The stable outlook reflects our expectation that Abanca will continue to focus on further improving its efficiency and profitability, while maintaining a sound risk profile and capitalization. On April 7, 2022, S&P Global Ratings raised its long- and short-term issuer credit ratings on Abanca Corporacion Bancaria S.A. to 'BBB-/A-3' from 'BB+/B'. The outlook is stable. The stable outlook indicates that we expect Abanca's operating profitability and efficiency to
