DBRS: Banco Santander unchanged

DBRS said Banco Santander SA's AA senior long-term debt and deposits ratings remain unchanged after its fourth-quarter results announcement.

The trend is stable.

The ratings reflect the business and geographic diversity of Santander's franchise, a high level of efficiency and a divergence of business environments across the franchise, DBRS said.

Gross income increased marginally during the fourth quarter to €10.6 billion and was up 6.0% year-over-year, evidencing a continued high level of recurring revenues, the agency added.

Revenue growth was driven by net interest income, despite margin pressure with rising funding costs, mainly due to the competition for deposits and higher rates on wholesale funding, DBRS said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.