EBN BANCO DE NEGOCIOS SA

EthiFinance Ratings affirms the rating of EBN Banco de Negocios, S.A. at "BBB-", maintaining the stable outlook. EBN Banco de Negocios, S.A. (hereinafter, EBN) is a Spanish banking group established in 1991 that offers corporate and investment banking products to medium-sized companies, as well as savings, investment and financing solutions for individuals. Its credit rating is based on a more than adequate liquidity cushion, sound solvency levels and a low non-performing loan (NPL) ratio. However, our rating is constrained by currently low levels of profitability and efficiency, as well as the small size of the group. In addition, the economic environment is complex, with an expected slowdown in GDP growth in Spain, weighed down by uncertainty and the loss of purchasing power due to inflationary pressures and interest rate hikes.