The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

The sustained reduction in the public debt-to-GDP ratio along with improved resilience of the banking sector drive the upgrade. The small, open economy, large external imbalances and still elevated level of NPLs are key challenges.

The periodic review has resulted in no rating action.

The rating action reflects the potential negative impact of a disease outbreak on the issuer`s credit profile.

The rating reflects the low-risk water concessions business and strong financial risk profile. The company’s modest size, high emerging-markets exposure and concentrated portfolio are constraints, while a project delay is dampening profitability.

Santander’s bid for Webster demonstrates its confidence in the US banking sector and its long-term business prospects, despite the current scenario of high political risk, deterioration in public finances and weakening of governance standards.

The underlying portfolio of secured and unsecured NPL loans was sold by illimity Bank S.p.A. and is serviced by Prelios Credit Servicing S.p.A.

The affirmation reflects the issuer's strong financial risk profile and resilient credit metrics; its relatively small size and scope remain constraints.