Despite governments' measures to contain the COVID-19 pandemic, European economies, including Spain, face an unprecedented challenge ahead. The tougher economic environment will weigh on Abanca's revenues and credit losses, which, coupled with the integration of relatively riskier Eurobic, will further pressure its capitalization. We are revising the outlook on Abanca to negative from stable and affirming the ratings at 'BB+/B'. The negative outlook reflects the possibility of a downgrade if we anticipate a deterioration in Abanca's capitalization due to a potential worsening of economic risks in Spain or if Abanca's performance proves weaker than we expect, given that its earnings base might not be strong enough to cushion potentially higher credit losses. On April 29, 2020, S&P Global Ratings revised
