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MADRID - Moody’s Investors Service has raised Banco Santander’s (BME:SAN) long-term deposit and senior debt ratings to A1 from A2 with a stable outlook, the bank announced Friday in a regulatory filing.
The upgrade follows Moody’s recent elevation of Spain’s government bond rating to A3 from Baa1 with a stable outlook, and the improvement of Spain’s Macro Profile from Strong to Strong+, which removed a constraining factor on Santander’s ratings.
The rating agency also upgraded Santander’s three covered bond programs, including Public Sector, Mortgage, and Export finance, to Aaa from Aa1.
Moody’s maintained Santander’s Baseline Credit Assessment (BCA) at baa1, citing the bank’s broad diversification and strong track record of low earnings volatility. The assessment also reflects Santander’s improved capital levels, diversified funding structure, and ample liquidity buffers, according to the press release.
The Spanish banking giant, which operates across Europe and the Americas, has benefited from its geographical diversification strategy that helps mitigate regional economic challenges.
The rating upgrade could potentially lower Santander’s borrowing costs and improve investor perception of the bank’s financial stability.
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