Moody's has upgraded Santanders rating
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Banco Santander, S.A. ("Santander" or the "Bank"), in compliance with the Securities Market legislation, hereby communicates the following:
OTHER RELEVANT INFORMATION
The rating agency Moody's Investors Service ("Moody's"), following the upgrade of Spain's government bond rating from Baa1 to A3/Stable, and the Macro Profile for Spain from Strong to Strong +, which lifted the constraining factor for Santander rating, has raised the Bank's long-term deposit and senior debt ratings from A2 to A1 (stable), and the rating of the three covered bond programs (Public Sector, Mortgage and Export finance) to Aaa from Aa1.
Furthermore, Moody's affirms Santander's baa1 Baseline Credit Assessment (BCA) reflecting its assessment of the Bank's operating environment and broad diversification, combined with a strong track record of low earnings volatility and improved capital levels, as well as its diversified funding structure and ample liquidity buffers.
Boadilla del Monte (Madrid), 3 October 2025
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