DBRS upgrades Santander Totta bonds

DBRS said it upgraded to AA from AA (low) its ratings on the obrigacoes hipotecarias (Portuguese legislative covered bonds) issued under the Banco Santander Totta SA €12.5 billion OH program

“The upgrade is driven by higher excess spread available in the transaction, resulting from higher stressed interest rates on the predominantly floating rate assets in the cover pool (CP), while the OH pay fixed rate, allowing the structure to withstand higher rating stresses,” the agency said in a press release.

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