Moody’s rates Banco Santander notes Baa2

Moody's Investors Service said it assigned a provisional Baa2 rating to the euro-denominated long-term second ranking senior notes to be issued by Banco Santander SA.

The rating is based on the contractual terms of the securities, referred to as junior senior unsecured notes, which are explicitly designated as second ranking senior notes in the draft documentation, Moody’s said.

As such, the notes rank junior to other senior unsecured obligations, including senior unsecured debt and senior to subordinated debt in resolution and insolvency, the agency said.

The notes are senior debt obligations of Banco Santander, but rank junior to unsubordinated and unsecured obligations of the bank other than those ranking pari passu with the new instrument, Moody’s said.

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