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Spain rating needs credible bank recapitalisation plan
A cost in the region of 50 to 60 billion euros to recapitalise Spanish banks, if part of a credible plan, would be a positive for the sovereign's credit rating, ratings agency Fitch said at a conference on Friday.
"If we get much larger recap costs than we have currently built into our rating, then obviously that would prompt us to have a look at the rating again," said David Riley, global head of sovereign ratings at Fitch Ratings.
"If it's 50-60 billion (euros), and it's credible, and draws a line under the Spanish banking sector and in particular the Spanish caja sector, I think that's basically a net positive."
In July the agency estimated the cost of recapitalising the Spanish banking sector at 23 billion euros, but admitted this estimate was now below the market consensus.
Latest News & Stories
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