DBRS Discontinues Ratings of Banco Popular Español S.A.

DBRS Ratings Limited (DBRS) has discontinued the ratings of Banco Popular Español S.A. (Popular), including Popular’s Long-Term Issuer Rating of A (high) and Short-Term Issuer Rating of R-1 (middle). Popular has been merged into its parent, Banco Santander S.A. (Santander), and with this merger the outstanding debt of Popular has been transferred to Santander.

Concurrently, DBRS has also discontinued the ratings of Popular’s subsidiaries, Banco Pastor, S.A. and BPE Financiaciones, S.A.

DBRS’s ratings for Santander, including its A (high) Long-Term Issuer Rating and R-1 (middle) Short-Term Issuer Rating are not impacted by the merger.

Notes:
All figures are in Euros unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations (July 2018). This can be found can be found at: http://www.dbrs.com/about/methodologies

The sources of information used for this rating include company reports. DBRS considers the information available to it for the purposes of providing this rating to be of satisfactory quality.

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

Generally, the conditions that lead to the assignment of a Negative or Positive Trend are resolved within a twelve-month period. DBRS’s outlooks and ratings are under regular surveillance

For further information on DBRS historical default rates published by the European Securities and Markets Authority (“ESMA”) in a central repository, see: http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Ratings assigned by DBRS Ratings Limited are subject to EU and US regulations only.

Lead Analyst: Pablo Manzano, Vice President, Global FIG
Rating Committee Chair: Ross Abercromby, Managing Director, Global FIG
Initial Rating Date: September 21, 2006
Most Recent Rating Update: April 12, 2018

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