Fitch ups Banco Santander preferred debt

Fitch Ratings said it affirmed Banco Santander, SA's long- and short-term issuer default ratings at A- and F2, respectively, and viability rating at a-.

The outlook is stable.

At the same time, the agency upgraded Banco Santander's senior unsecured long-term and short-term preferred debt to A from A- and to F1 from F2, respectively, and its derivative counterparty rating to A(dcr) from A-(dcr).

The agency also assigned Banco Santander deposit ratings of A/F1.

Fitch said the upgrade reflects a view that qualifying junior debt buffer and senior non-preferred debt at the bank's resolution perimeter are sufficient to materially reduce the risk of default for senior preferred creditors in case of failure.

The agency said that Banco Santander's long-term issuer default rating reflects its geographic diversification from its solid retail franchises in several European and Latin American countries and the United States.

© 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.