Moody’s ups Santander Holdings USA

Moody's Investors Service said it upgraded the long-term senior unsecured ratings of Santander Holdings USA, Inc. (Shusa) to Baa2 from Baa3.

“The upgrade to Shusa's senior unsecured rating reflects the benefit to creditors from improvements in its corporate governance following the resolution of its written agreements with its regulators. Governance weaknesses, previously identified in these written agreements, appear to have been largely remediated as evidenced by the termination of the final outstanding written agreement in February 2021.

“In Moody's view, the termination was credit positive because it signals that Shusa and SC have addressed the deficiencies that regulators identified,” the agency said in a press release.

The outlook remains stable.

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