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S&P lowers Bankinter's credit outlook from 'stable' to 'negative'



Varapalo of S&P to Bankinter. The credit rating agency, "after analyzing the proposal for in-kind distribution of the issuance premium by delivering to its shareholders shares of its subsidiary Línea Directa Seguradora", has confirmed all the credit ratings of the bank and, in turn, changed their perspectives from 'stable' to 'negative'.

This was announced by Bankinter through a relevant fact referred to the CNMV. It should be remembered that recently Renta 4 also passed the scissors for the valuation of the bank before the IPO of LDA.

The private banking entity reiterates the advice of 'keep' and bets on "keeping the ROE high after the LDA spin off". The operation announced on its participation in LDA will allow "the value of this" to emerge, having an impact on the "insignificant" 2020 accounts that will allow Bankinter "maintain those double digit ROE levels."

Likewise, Renta4 pointed out that "income diversification will depend to a greater extent on the banking business (more geographically diversified) and consumer finance." Despite the reduction in its price, Renta4 believes that "Bankinter is an interesting option within the financial sector despite the limited potential we give it."

Finally, Renta4 added that "in our estimates for 2020 we are not including the announced operation of LDA, because it is pending approval and because of the reduced impact it would have on the bank's accounts and that we estimate it would mean maintaining ROE levels of 10% in 2020e. "

. (tagsToTranslate) downgrade (t) credit perspective (t) (t) Bankinter (t) & # 039; stable & # 039; (t) & # 039; negative & # 039; (t) Category: All (t) Category: Market Report (t) Category: Company News (t) Category: Pulses (t) Category: Market Pulse (t) Category: Sectorial: Finance


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