Moody’s shifts Santander Consumer view to stable

Moody’s Investors Service said it changed the outlook to stable from positive for Santander Consumer Bank AG and affirmed its A3 issuer rating.

Concurrently, the agency said it lowered Santander’s baseline credit assessment to baa2 from baa1, reflecting further weakening in Germany’s credit and economic environment.

“Following the incorporation of affiliate support and the benefit of internally placed bail-in-able bonds and based on the rating agency’s expectation of further issuance volumes within and outside of the Santander group Moody’s does not anticipate further rating uplift for SCB’s BCA, which resulted in a change of outlook to stable from positive,” Moody’s said in a press release.

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