DBRS confirms Banco Santander

DBRS said it confirmed the ratings of Banco Santander SA following the confirmation of Spain. Concurrently, DBRS changed the trend on the group's ratings, including its senior long-term debt and deposit rating of AA and its short-term debt and deposit rating of R-1 (high), to negative from stable.

These rating actions follow DBRS's confirmation of Spain at AA, with the trend changed to negative from stable, the agency said.

Santander's intrinsic assessment of AA (low) remains unchanged. Additionally, DBRS maintained the SA-2 support assessments for Santander, which indicates an expectation of timely systemic support in case of need.

Further negative action on the sovereign rating would negatively affect the AA rating of Santander. The group's intrinsic assessment would also be under pressure if the sovereign rating were to be lowered, though it would be possible for the intrinsic assessment to remain unchanged at AA (low) resulting in no uplift to the group's ratings for systemic support.

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