Standard and Poor upgrades ratings on several Spanish banks

The ratings agency Standard and Poor's has upgraded its ratings on several Spanish banks following its decision of raising Spain's sovereign debt rating.

The S&P raised Spain's sovereign debt rating from BBB- to BBB with a stable outlook May 23 and said the upgraded ratings on some Spanish banks was result of that decision, reported Xinhua.

The S&P raised the eurozone's leading bank Santander rating from BBB to BBB+ with stable outlook. It raised Spain's second-largest lender BBVA rating from BBB- to BBB with a stable outlook and Cecabank's from BB+ to BBB with positive outlook.

The agency also upgraded Bankinter's rating from BB to BB+ with positive outlook and has changed Caixabank, Banco Sabadell and Bankia outlooks from stable to positive.