Credit Rating Report

Santander Totta S.A. Covered Bonds (Obrigações Cobertas - Mortgages): Surveillance Report

Covered Bonds

Summary

DBRS Ratings GmbH (Morningstar DBRS) confirmed its AA ratings on the Obrigações Cobertas (the Portuguese legislative covered bonds) issued under the Banco Santander Totta S.A. (Totta or the Issuer) EUR 12.5 billion programme (the Programme)..

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