MADRID (S&P Global Ratings) Nov. 25, 2020--The introduction by the Spanish authorities of a change to the ranking of bank liabilities in insolvency, and consequently, in resolution, would be unlikely to affect our ratings on Spanish banks. The change in ranking would grant corporate and institutional deposits seniority over other types of senior liabilities. Other EU countries, including Cyprus, Greece, Italy, Malta, and Portugal have preceded Spain in making this change, and others may follow suit. The European Central Bank recommended full depositor preference on a tiered basis back in 2017. Such a move would be unlikely to have implications for our issuer credit ratings, resolution counterparty ratings, or issue ratings on Spanish banks. This is because the ratings reflect
