Every month saw collections underperform in 2025. Not even the more than doubling of proceeds in December could salvage the poor performance, as collections were still 32% lower than the average for that month relative to the previous three years.

The root causes of growing credit stress remain firmly in place despite investors’ relatively benign response to structural shifts, leaving a mixed but increasingly negative outlook for corporate credit through the rest of 2026, says Scope Ratings.

Scope Ratings has updated its rating report on Banco Santander S.A., rated AA-, with Stable Outlook.

The rating continues to reflect the company’s strong financial risk profile and weak business profile. Despite its expansion strategy, resilient operating performance and stable growth are expected in the near term.

The periodic review has resulted in no rating action.

The issuance ratings are supported by a guarantee from Østfold County Municipality and are therefore aligned with Østfold’s AA+/Stable ratings.

Wednesday, 11 February 2026

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

Solid reserve buffers, conservative debt management and low exposure to contingent liabilities support the ratings. Challenges relate to sustained operating pressures, rising debt levels, limited budgetary flexibility and weakening demographic trends.