...Parent Support Drives IDRs: The Issuer Default Ratings (IDR) of Santander Totta, SGPS, S.A. (Totta) and fully ow ned subsidiary, Banco Santander Totta, S.A. (BST), reflect Fitch Ratings' view of a high probability of support from their Spanish parent, Banco Santander, S.A. (Santander, A-/Stable/a-). Totta and BST's Long-Term IDRs are notched dow n once from that of Santander, reflecting the strategic importance of Portuguese activities , significant management independence and a successful record in supporting the group's objectives. IDR One Notch Above Sove reign: The Long-Term IDRs are one notch above Portugal's rating (BBB/Positive), reflecting our view that Santander w ould remain committed to supporting its Portuguese subsidiary even in a scenario of severe financial stress in the country . Totta and BST, Equalised VRs : We analyse Totta's and BST's ratings on a consolidated basis and equalise their Viability Ratings (VR), reflecting Totta's role as a holding company, w hose main operating...
