Report title: Research Update: Spanish Bank Santander And Subsidiaries Outlooks Revised To Negative; 'AA/A-1+' Ratings Affirmed
from S&P Credit Research
1200 word report published Mar 04, 2009

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Abstract: On March 4, 2009, Standard&Poor's Ratings Services revised its outlook on Spain-based Banco Santander, S.A. (Santander) to negative from stable. Standard&Poor's also revised the outlooks to negative from stable on certain rated subsidiaries (see Ratings List below). At the same time, we affirmed the 'AA/A-1+' long- and short-term counterparty credit ratings on Santander and all rated subsidiaries. The outlook revision is based on our lowered expectations for economic growth in the countries in which Santander operates and the potential impact on its financial performance. The ratings on Santander reflect our view of its clear strategic focus and strong management capabilities, well-diversified geographic and business profile, solid position in core markets and sound operating profitability. We also

Brief Excerpt: RESEARCH Ratings Definitions Research Update: Spanish Bank Santander And Subsidiaries Outlooks Revised To Negative; '##/A-1+' Ratings Affirmed Publication date: 04-Mar-2009 Primary Credit Analyst: Jesus Martinez, Madrid (34) 91-389-6941;...

Report Type: Research Update
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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