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 upgrades address new seniority ranking in resolution following the passage of Decree Law 11/2017 and are in line with Scope’s bank rating methodology.

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.