Fitch affirms Banco Santander

Fitch Ratings said it affirmed Banco Santander SA's long-term foreign-currency issuer default and senior unsecured ratings at AA, subordinated debt at AA-, preferred stock at A+ and individual rating at A/B and removed these ratings from Rating Watch negative.

The F1+ short-term foreign-currency issuer default rating, 1 support rating and A+ support rating floor were not on Rating Watch and remain unchanged.

The outlook is stable.

The ratings of Santander's subsidiaries were also affirmed with stable outlooks, including Sovereign Bancorp, Inc.'s AA- senior unsecured rating, Banco Santander Puerto Rico's AA- senior unsecured rating, Banco Santander (Chile)'s AAA(chl) national senior unsecured rating and AA+(chl) national subordinated debt rating and Banco Santander (Mexico)'s AAA(mex) national senior unsecured rating, among others.

The removal of the Rating Watch Negative reflects Fitch's view that the integration of Santander's acquisitions in Brazil, the United Kingdom, in Europe and in the United States is being managed well and will offer revenue and costs synergies.

In addition, the agency said Santander's core capital ratio increased to 7.3% at the end of the first quarter of 2009 from 6.2% at the end of 2007, a level that Fitch views as more appropriate given the bank's emerging market exposures.

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