Moody’s gives Emisora Santander program Baa1

Moody's Investors Service said it assigned provisional Baa1 long-term senior ratings to the €5 billion program established by Emisora Santander Espana, SAU.

Notes to be issued under the program carry an unconditional and irrevocable guarantee from Banco Santander, SA (Spain) (deposits Baa1 on review for upgrade/senior unsecured Baa1 on review for upgrade, BCA baa1).

The ratings are on review for upgrade, mirroring the review status on Banco Santander's ratings.

Moody's rates the senior unsecured obligations of Emisora Santander Espana at the same level as its parent, Banco Santander. The ratings are based on the unconditional and irrevocable guarantee that Banco Santander provides.

The senior notes rank pari passu with the senior unsecured debt of Banco Santander.

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