Moody’s ups Santander Consumer

Moody's Investors Service said it upgraded Santander Consumer Bank AS' (SCB) long-term foreign- and domestic-currency issuer ratings to A2 from A3. The agency also raised the medium-term note program ratings to (P)A2 from (P)A3 and the foreign- and local-currency junior senior unsecured MTN program rating to (P)Baa1 from (P)Baa2. The outlook on the long-term issuer and senior unsecured debt ratings was changed to stable from ratings under review.

The upgrade concludes the review started on April 24, which considered SCB's expected issuance volume of senior non-preferred debt in the first half of 2023 due to the bank's minimum requirement for own funds and eligible liabilities (MREL), Moody’s said in a press release.

The agency said it expects the “bank's financial performance and credit profile will be broadly stable in the next 12-18 months.”

© 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.