DBRS lifts Banco Santander view to stable

DBRS said it confirmed the ratings of Banco Santander SA, including its senior unsecured long-term debt and deposit rating at A and short-term debt and deposit rating at R-1 (low).

The trend was revised to stable from negative. The trend on all short-term ratings remains stable.

Santander’s intrinsic assessment was confirmed at A. DBRS said it maintains its SA-2 support assessment for Santander, which indicates an expectation of timely systemic support in case of need.

The ratings reflect the company’s globally diversified retail banking franchise with strong market shares in core geographies, DBRS said.

The agency said it views the group’s significant international earnings as demonstrating the diversity of Santander’s franchise outside of Spain, the agency said.

Balancing these positives is the continued pressure on the group’s profitability driven by the low interest-rate environment and elevated provisioning levels, as well as a weaker regulatory capital position as compared to global peers, the agency said.

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