Fitch downgrades Santander Holdings USA

Fitch Ratings said it downgraded the long-term issuer default rating of Santander Holdings USA, Inc. to A- from A+. This action was taken as a result of the downgrade of the long-term IDR of the parent company, Banco Santander, announced Monday.

The short-term IDR of Santander Holdings USA was affirmed at F1, a level in line with the parent's rating.

The multiple-notch downgrade of hybrid instruments reflects Fitch's new bank regulatory capital securities rating criteria.

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