Credit ratings upgrade for Santander and BBVA

• Both Banco Santander (SAN +1.7%) and BBVA's (BBVA +2.5%) long-term issuer default ratings are hiked to A- from BBB+ at Fitch, keeping them one notch higher than that of Spain itself.
• The upgrade "primarily reflects the upgrade of Spain's sovereign rating and related signs of macro-economic improvements in the domestic market. Continued diversification benefits, especially for Santander, support these banks' ratings at one notch above the sovereign rating."