Fitch ends positive watch on Totta

Fitch Ratings said it affirmed Banco Santander Totta SA's covered bonds' rating at AA- and removed it from rating watch positive where it was placed in April.

“The outlook is stable, mirroring that of the bank's long-term issuer default rating (IDR),” the agency said in a press release.

Fitch added, “The affirmation reflects that the relied-upon over-collateralization (OC) is insufficient to support stresses that are commensurate with higher ratings, despite effective liquidity provisions in place allowing for a maximum achievable rating of AAA.”

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