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      Instrument data
      ISIN
      ES0413900418
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      XXXXXXX Outlook: XXXX
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      Scope assigns AAA Long-Term Ratings to Banco Santander SA’s covered bonds; Stable Outlook

      22/9/2015 Rating announcement EN

      Scope assigns AAA Long-Term Ratings to Banco Santander SA’s covered bonds; Stable Outlook

      Ratings are driven by the bank’s issuer rating and the fundamental credit strength of Spanish covered bonds, with strong legal framework and preferential treatment in a resolution regime.

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