On June 28, 2013, Spanish bank NCG Banco S.A. completed the last step of its recapitalization plan by buying back preference shares and subordinated debt and converting them into equity. As a result, the NCG group's capital strengthened by about €1.7 billion, bringing it back into compliance with minimum regulatory capital ratios. We are therefore affirming our 'BB-/B' ratings on NCG Banco and revising upward the bank's stand-alone credit profile to 'b' from 'ccc+'. The negative outlook mirrors that on the sovereign and also factors in the various challenges that the bank faces, including undertaking a deep restructuring while preserving the bank's business stability and gradually improving its financial profile. On July 17, 2013, Standard&Poor's Ratings Services affirmed
