DBRS rates Banco Sabadell notes BBB (high), BBB

DBRS said it assigned ratings to Banco de Sabadell, SA’s €5 billion euro medium-term program.

Senior unsecured notes with a maturity of over one year, issued under the program, will be rated BBB (high) with stable trend. Tier 2 subordinated debt notes with a maturity of over five years issued under the program will be rated BBB stable, one notch below the bank’s intrinsic assessment of BBB (high).

The subordinated debt rating is in line with DBRS’ methodology for rating bank capital securities – subordinated, hybrid, preferred and contingent capital securities. The ratings are sensitive to a change in Banco Sabadell’s long-term senior debt and deposits rating and intrinsic assessment.

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