DBRS ups Banco Santander Totta

DBRS said it upgraded the long-term ratings of Banco Santander Totta SA following the upgrade of its parent, Banco Santander SA.

The agency upgraded Totta’s long-term issuer rating to A from A (low), while its short-term issuer rating was confirmed at R-1 (low).

The trend remains stable.

Totta’s support assessment remains SA1.

DBRS said the Santander action was triggered after the agency upgraded Spain by one notch to A.

Totta’s SA1 designation implies strong and predictable support from the parent, and Totta’s rating will generally move in tandem with Santander’s long-term debt ratings, DBRS explained.

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