DBRS Assigns BBB rating to Sabadell’s Senior Non-Preferred Debt, Trend Positive

DBRS Ratings GmbH (DBRS) assigned a rating of BBB with a Positive trend to Banco de Sabadell, S.A’s (Sabadell or the Bank) Senior Non-Preferred Debt (called Senior Non-Preferred Notes by Sabadell). The rating is one notch below the Bank’s Intrinsic Assessment of BBB (high), in line with the Debt Obligations Framework set out in DBRS’s Global Methodology for Rating Banks and Banking Organisations (July 2018). DBRS expects that any future issuance by Sabadell of Senior Non-Preferred Debt, which has the same level of subordination, would be rated at this level, assuming the Bank’s Intrinsic Assessment is BBB (high).

RATING DRIVERS
Any positive change in the Bank’s Intrinsic Assessment would have positive implications for the Senior Non-Preferred Debt rating. Similarly, any negative change in the Bank’s Intrinsic Assessment would have negative implications for the rating.

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 at: http://www.dbrs.com/about/methodologies

The sources of information used for this rating include SNL Financial, company disclosures, Bank of Spain, and the European Banking Authority (EBA). DBRS considers the information available to it for the purposes of providing this rating to be of satisfactory quality.

This rating concerns a newly issued financial instrument. This is the first DBRS rating on this financial instrument.

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 GmbH 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: November 19, 2012
Most Recent Rating Update: July 16, 2018

DBRS Ratings GmbH, Sucursal en España
Calle del Pinar, 5
28006 Madrid
Spain

DBRS Ratings GmbH
Neue Mainzer Straße 75
60311 Frankfurt am Main Deutschland

Geschäftsführer: Detlef Scholz
Amtsgericht Frankfurt am Main, HRB 110259

For more information on this credit or on this industry, visit www.dbrs.com.