...Shareholder Support Drives IDRs: Open Bank, SA's Issuer Default Ratings (IDRs) and Shareholder Support Rating (SSR) reflect a very high probability of support from its parent, Banco Santander, S.A. (A+/Stable), if needed. Both entities belong to the same resolution group, and Openbank's external creditors benefit from the downstreaming of internal resolution debt buffers. The rating equalisation also reflects the significant reputational risks that a default by Openbank would represent for Santander. The bank's role as a core subsidiary of Santander group and the high integration of its operations, risk management and controls with the parent also contribute to Fitch Ratings' support assessment. Strong Consumer Finance Franchise: Openbank's Viability Rating (VR) reflects its well-established consumer finance franchise in Europe, conservative underwriting and good risk controls, and resilient earnings-generation capacity through economic cycles. High reliance on wholesale funding, which...
