DBRS gives AA to Santander Totta bonds

DBRS said it assigned an AA credit rating to the series 32 obrigacoes cobertas, formerly designated obrigacoes hipotecarias; the Portuguese legislative covered bonds) issued under the Banco Santander Totta SA’s €12.5 billion program.

Series 32 is a €27.3 million fixed-rate bond that pays a coupon of 3.738% and matures on Nov. 15, 2028.

DBRS said it currently rates the covered bonds AA.

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