Banco Popular Español S.A.

Ratings

• BPE Capital International

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  29-Sep-15	Subordinated Debt	BBB	Stb	Trend Change	UK

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• BPE Finance International Ltd.

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  29-Sep-15	Senior Unsecured Long-Term Debt	BBB (high)	Stb	Downgraded	UK

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• BPE Financiaciones, S.A.

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  29-Sep-15	Senior Unsecured Long-Term Debt	BBB (high)	Stb	Downgraded	UK
  29-Sep-15	Subordinated Debt	BBB	Stb	Trend Change	UK

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• Banco Pastor, S.A.

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  29-Sep-15	Senior Unsecured Long-Term Debt & Deposit	BBB (high)	Stb	Downgraded	UK
  29-Sep-15	Short-Term Debt & Deposit	R-1 (low)	Stb	Confirmed	UK

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• Banco Popular Español S.A.

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  29-Sep-15	Senior Unsecured Long-Term Debt & Deposit	BBB (high)	Stb	Downgraded	UK
  29-Sep-15	Short-Term Debt & Deposit	R-1 (low)	Stb	Confirmed	UK
  29-Sep-15	Subordinated Debt	BBB	Stb	Trend Change	UK

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• Banco Popular Portugal S.A.

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  29-Sep-15	Senior Unsecured Long-Term Debt & Deposit	BBB (low)	Stb	Downgraded	UK E
  29-Sep-15	Short-Term Debt & Deposit	R-2 (middle)	Stb	Downgraded	UK E

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• Popular Capital Europe

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  29-Sep-15	Subordinated Debt	BBB	Stb	Trend Change	UK

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• Popular Capital S.A.

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  29-Sep-15	Preferred Shares	BB (high)	Stb	Trend Change	UK

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• Targobank

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  29-Sep-15	Senior Unsecured Long-Term Debt & Deposit	BBB (high)	Stb	Downgraded	UK
  29-Sep-15	Short-Term Debt & Deposit	R-1 (low)	Stb	Confirmed	UK

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