...Parent Support Drives Ratings: The Issuer Default Ratings (IDRs) of Santander Totta, SGPS, S.A.'s (Totta) and its fully owned bank subsidiary, Banco Santander Totta SA (BST), reflect Fitch Ratings' view that there is a high probability of support from their ultimate parent, Banco Santander, S.A. (Santander; A-/Stable). The ratings are notched down once from the Long-Term IDR of Santander to highlight our view that Totta's activities in Portugal are strategically important for the group and are supported by common branding, strong synergies and integration with the parent. There are also a wide range of shared risk management and operational policies and procedures. Equalised Viability Ratings: Totta and BST's Viability Ratings (VRs) are analysed on a consolidated basis and are equalised, reflecting Totta's role as a holding company with BST as its main asset, common supervision, and moderate double leverage (below 120%). Risk Appetite, Capital Underpin VRs: The VRs reflect a moderate risk...
