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Fitch affirms Santander, rates senior debt AA-
Fitch Ratings said it affirmed Santander Holdings USA, Inc.'s long-term issuer default rating at AA-, short-term issuer default rating at F1+ and short-term debt rating at F1+.
The agency also said it assigned it an AA- senior debt rating.
The agency also said it affirmed Sovereign Bank's long-term issuer default rating at AA-, short-term issuer default rating at F1+, long-term deposits rating at AA, short-term deposits rating at F1+, subordinated debt rating at A+, along with Sovereign Capital Trust I, IV, VI's preferred stock rating at A.
The agency also said it affirmed its ML Capital Trust I's preferred stock rating at A and Sovereign Real Estate Investment Trust Holdings' preferred stock at A.
The outlook remains stable.
The ratings reflect its ownership by Banco Santander, which is rated AA/F1+ with a stable outlook.
The ratings reflects the company's sound overall financial condition, including profitable operations, manageable level of problem loans and comfortable capital position, Fitch said.
Loan portfolio problems have diminished recently, but still remain above those of higher-rated U.S. peers, the agency said.
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