In the context of Scope Ratings’ strategy of focussing on the needs of institutional investors, Scope will offer its unsolicited bank and covered bond credit ratings on a subscription basis only via its credit intelligence platform.

Following Santander’s Investor day on April 3rd, Scope Ratings has affirmed its long- and short-term ratings on Banco Santander SA. At the same time, it has assigned a BBB- rating to Santander’s USD1.2bn 7.5% AT1 notes issued in February 2019.

Rating upgrade reflects Scope’s view of these banks’ reassuring liquidity dynamics, positively impacted by European supervisors’ enhanced focus on bank liquidity and funding.

The acquisition of the troubled Spanish bank should not change Santander’s group risk profile; Scope highlights the importance of the announced rights issue to neutralise capital impacts.

Ratings apply to existing commercial paper and certificate of deposit programmes; these banks already carry short-term ratings from Scope. Aggregate amount of rated programmes is equivalent to over EUR 820bn.