Fitch lifts Santander Totta to BBB+

Fitch Ratings said it upgraded Banco Santander Totta, SA's and Santander Totta, SGPS, SA's long-term issuer default ratings to BBB+ from BBB.

The outlooks are stable.

The actions are part of a periodic portfolio review of Portuguese banks rated by Fitch and follow the upgrade of Portugal's sovereign rating.

Fitch said the upgrades follow the upgrade of Portugal's sovereign rating. The ratings are notched down once from the long-term issuer default rating of the Spanish parent, Banco Santander, SA (Santander; A-/stable).

The stable outlooks mirror that on Santander.

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