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

High strategic mandate, strong financial interdependencies with the French Republic and robust financial profile drive the ratings. Very high sensitivity to domestic economic conditions and regulatory changes are credit challenges.

Une importance stratégique élevée, de fortes interdépendances financières avec l'État et un profil financier solide justifient les notations. L’exposition élevée aux fluctuations de l'économie et aux changements réglementaires sont les défis principaux.

Scope has today withdrawn the AAA/Stable ratings on the Norwegian covered bonds issued by Totens Sparebank Boligkreditt AS for business reasons.

The rating on Bausparkasse Wüstenrot AG’s (Wüstenrot) Austrian mortgage Pfandbirefe reflects the issuer's credit strength enhanced by seven notches from governance and cover pool support. One notch buffer against an issuer downgrade.

The rating is underpinned by Sogn og Fjordane Energi AS' low-cost and environmentally friendly hydropower generation and strong credit metrics. The high volatility of achievable power prices and low diversification are constraints.

This publication does not constitute a rating action.

The issuances' ratings are supported by a guarantee from Vestland County Municipality and are therefore aligned with Vestland's AA+/Stable ratings.

The issuances' ratings are supported by a guarantee from Innlandet County Municipality and are therefore aligned with Innlandet's AAA/Stable ratings.

A strong liquidity position, additional income from power concessions and aquaculture funds, and conservative financial planning support the rating. A high debt burden and significant investment needs are constraints.