DBRS Assigns Ratings to Santander Totta London Branch and G’teed Ratings to Totta (Ireland) plc

DBRS, Inc. (DBRS) has today assigned ratings of BBB (high) to the Guaranteed Senior Notes and R-1 (low) to the Guaranteed Short-Term Instruments (collectively, the Notes) issued by Totta (Ireland) p.l.c. (Totta Ireland) under the EUR 10 billion Euro Medium Term Note Programme (EMTN Programme) of Banco Santander Totta, S.A. (Santander Totta) and Totta Ireland. At the same time, DBRS has assigned ratings of BBB (high) to the Long-Term Instruments and R-1 (low) to the Short-Term Instruments issued by Santander Totta London Branch. All ratings have a Negative trend.

The Notes issued by Totta Ireland under the EMTN Programme are unconditionally and irrevocably guaranteed by Santander Totta through its London Branch. Accordingly, the ratings are equal to those of Santander Totta’s Senior Unsecured Long-Term Debt & Deposit rating of BBB (high) and Short-Term Debt & Deposit rating of R-1 (low). All ratings have a Negative trend. These ratings apply only to the Notes issued by Totta Ireland under the EMTN Programme and are subject to the maintenance of Santander Totta’s aforementioned ratings. The ratings assigned to Santander Totta London Branch are also subject to the maintenance of Santander Totta’s aforementioned ratings.

Notes:
All figures in Euros (EUR) unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations. Other methodologies used include the DBRS Criteria – Intrinsic and Support Assessments. Both can be found on the DBRS website under Methodologies.

The sources of information used for this rating include company documents. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

Lead Analyst: Lisa Kwasnowski
Rating Committee Chair: Alan G. Reid
Initial Rating Date: 19 September 2012
Most Recent Rating Update: 19 September 2012

For additional information on this rating, please refer to the linking document under Related Research.