Fitch: Santander Consumer Bank program A-

Fitch Ratings said it assigned Santander Consumer Bank AG's €5 billion debt issuance program a long-term rating of A- and a short-term rating of F2.

The ratings are program ratings and apply only to senior unsecured issuance whose terms the agency believes to be commensurate with non-preferred treatment under Germany's revised resolution regime in force since Jan. 1, 2017.

Fitch said the program ratings are driven by and equalized with Santander Consumer Bank’s issuer default ratings of A-/F2. The agency views that the likelihood of default on senior unsecured notes under this program would reflect the likelihood of default of the bank.

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