Moody's upgrades Santander, rates preferreds Ba2

Moody's Investors Service said it upgraded Banco Santander SA's debt ratings to Baa1 from Baa2 and assigned a Ba2 (hyb) rating to its noncumulative perpetual preferred tier 1 securities. The outlook is stable.

The agency said the upgrade reflects the improvement in the Spanish government's creditworthiness, reflected in Moody's upgrade of Spain's government bond rating to Baa2 from Baa3 and the concurrent change of its outlook to positive from stable on Feb. 21, and Moody's view that the Santander group's risk-absorption capacity remains resilient despite ongoing asset-quality pressures in its Spanish operations.

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