Moody’s assigns Banco Santander bonds Aa1

Moody’s Investors Service said it assigned a provisional long-term rating of (P)Aa1 to the export finance covered bonds to be issued by Banco Santander SA.

“A covered bond benefits from the issuer’s promise to pay interest and principal on the bond and, following a CB anchor event, the economic benefit of a collateral pool (the cover pool),” the agency said in a press release.

The ratings reflect the issuer’s credit strength and a covered bond anchor assessment plus an added notch, Moody’s said.

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