DBRS: Santander pressured

DBRS said that following the 1Q12 results of Banco Santander SA, it rates the group's senior unsecured long-term debt & deposit at AA (low) with a negative trend.

The group reported net attributable profit of €1.6 billion in 1Q12, a significant improvement from net attributable profit of €47 million in 4Q11, but down from net attributable profit of €2.1 billion in 1Q11, the agency noted.

DBRS said that it views the continued challenging environment for Spanish banks as continuing to pressure the ratings of Santander, as the economy remains weak and the real estate sector has not recovered.

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