Report title: Ratings On Two Banco Santander S.A.-Related Bonds Lowered To 'AA/A-1+'
from S&P Credit Research
1091 word report published Oct 09, 2009

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Abstract: NEW YORK (Standard&Poor's) Oct. 9, 2009--Standard&Poor's Ratings Services today lowered its ratings on two bond issues related to Banco Santander S.A. to 'AA/A-1+' from 'AAA/A-1+' (see list). The 'AA' long-term components of our ratings on the bonds are based on the higher of our long-term issuer credit ratings on Banco Santander S.A. ('AA') and Sovereign Bank ('A') and address the full and timely payment of regularly scheduled interest and principal according to the transaction's terms. The 'A-1+' short-term components of our ratings on the bonds are based on the higher of our short-term issuer credit ratings on Banco Santander ('A-1+') and Sovereign Bank ('A-1') and address the full and timely payment of the bonds' purchase price

Brief Excerpt: RESEARCH Ratings Definitions Ratings On Two Banco Santander S.A.-Related Bonds Lowered To '##/A-1+' Publication date: 09-Oct-2009 Primary Credit Analyst: Mindy Xu, New York (1) 212-438-2879; mindy_xu@standardandpoors.com NEW YORK...

Report Type: Ratings Action
Ticker: SAN@SM
Issuer: Banco Santander S.A.
GICS: Diversified Banks (40101010)
Sector: Global Issuers, Public Finance, Structured Finance
Country: Spain
Region: United States
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