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S&P: Santander Holdings lowered, on watch
Standard & Poor's said it lowered its issuer credit ratings on Santander Holdings USA Inc. and subsidiary Sovereign Bank to BBB+/A-2 from A/A-1. The outlook on the long-term issuer credit rating is negative.
At the same time, the agency said it lowered its subordinated and preferred ratings on these issuers and placed the ratings on CreditWatch with negative implications.
S&P said the rating actions on Santander and its subsidiary follow the downgrade of the parent, Banco Santander S.A. on April 30.
"Based on our group methodology criteria, we consider these rating actions linked because we view SHUSA as highly strategic to its parent," said S&P credit analyst Catherine Mattson in a news release.
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