MILAN (S&P Global Ratings) Nov. 14, 2025--S&P Global Ratings today assigned its 'AA' local currency long-term issue rating to the six-year €500 million senior nonpreferred (SNP) note issued by Banque et Caisse d'Epargne de l'Etat, Luxembourg (BCEE; AA+/Stable/A-1+) under its $8 billion EMTN program. We have also raised to 'AA' from 'A' our local currency and foreign currency long-term ratings on BCEE's existing $8 billion euro medium-term note (EMTN) program for SNP debt. This is because we now use as the starting point for notching our 'AA+' issuer credit rating (ICR) on the bank instead of our 'a+' stand-alone credit profile (SACP), factoring in our expectation that the SNP debtholders would likely benefit from sufficient and timely extraordinary going-concern support
