...Institutional Support Drives Ratings: The Issuer Default Ratings (IDR) of Santander Totta, SGPS, S.A.'s (Totta) and those of its fully owned bank subsidiary, Banco Santander Totta SA (BST), reflect Fitch Ratings' view that there is a high probability of support from both entities' ultimate parent, Banco Santander, S.A. (Santander; A-/Stable), as Totta's activities in Portugal are strategically important for the Spanish group. The Long-Term IDRs of both entities are capped at two notches above that of the Portuguese sovereign. Sound Capitalisation Underpins VR: Totta's Viability Rating (VR) is underpinned by its healthy reported capital ratios. The rating also factors in better-than-sector-average asset- quality indicators, its growing franchise and the benefits from being part of the Santander group in terms of management expertise and potential contingent funding. Equalised VRs: Totta's and BST's VRs are equalised, reflecting common supervision by the Bank of Portugal, moderate double...
