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

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

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.

The periodic review has resulted in no rating action.

Economic resilience, large sovereign wealth fund savings and strong macroeconomic governance are key credit strengths. High household debt, financial imbalances and the long-run economic transition represent challenges.

The periodic review has resulted in no rating action.

Rising general government debt, high fiscal deficits, and a modest growth outlook drive the downgrade. A wealthy economy, high net financial assets, and effective institutions anchor the ratings.

Scope Ratings has updated its rating report on Georgian JSC Microbank MBC, rated B+ with Negative Outlook.