Fitch affirms Santander

Fitch Ratings said it has affirmed all the ratings of Santander Group, including:

• Banco Santander SA's foreign currency issuer default rating at BBB, stable outlook; short-term foreign currency issuer default rating at F2; local currency issuer default rating at BBB+, stable outlook; short-term local currency issuer default rating at F2; individual rating at C; support rating at 2; national long-term rating at AAA(bra), stable outlook; and national short-term rating at F1+(bra);

• Banco ABN Amro Real SA's foreign currency issuer default rating at BBB, stable outlook; short-term foreign currency issuer default rating at F2; local currency issuer default rating at BBB+, stable outlook; short-term local currency issuer default rating at F2; individual rating at C; support rating at 2 ; national long-term rating at AAA(bra), stable outlook; and national short-term rating at F1+(bra); and

• ABN Amro Arrendamento Mercantil SA's national long-term rating at AAA(bra), stable outlook and national short-term rating F1+(bra).

The foreign-currency issuer default rating of Banco Santander SA is constrained by the Brazilian country ceiling (BBB), the agency said, noting that its local-currency issuer default ratings, above those of the sovereign, and its national ratings reflect the strength of the controlling shareholder, Banco Santander (long-term issuer default rating AA, rating watch negative), and the importance of the Brazilian operation to the group.

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