DBRS Withdraws Ratings on Targobank

DBRS Ratings Limited (DBRS) has today confirmed and withdrawn the ratings of Targobank S.A (Targobank or the Bank), including its Senior Unsecured Long-Term Debt & Deposit rating of BBB (high) and its Short-Term Debt & Deposit rating of R-1 (low). Both ratings have a Stable trend. The decision to withdraw the ratings was made at DBRS’ discretion.

Targobank is jointly owned and controlled by Banco Popular Espanol S.A. (Popular, BBB (high), Stable trend) and Crédit Mutuel-CIC. Targobank’s ratings are in line with Popular’s ratings to reflect the position of Targobank as a banking subsidiary domiciled within Spain and its important role in Popular’s overall strategy. Popular’s ratings remain unaffected by today’s rating action. DBRS does not rate Crédit Mutuel- CIC.

Notes:
All figures are in EUR unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations (December 2015). Other applicable methodologies include the DBRS Criteria: Support Assessments for Banks and Banking Organisations (December 2015) and DBRS Criteria: Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities (February 2015).These can be found can be found at: http://www.dbrs.com/about/methodologies

The sources of information used for this rating include company reports, the European Central Bank, European Banking Authority, Bank of Spain and SNL Financial. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

Generally, the conditions that lead to the assignment of a Negative or Positive Trend are resolved within a twelve month period. DBRS’s outlooks and ratings are under regular surveillance.

For further information on DBRS historic default rates published by the European Securities and Markets Administration (“ESMA”) in a central repository, see:
http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Lead Analyst: Maria Rivas
Rating Committee Chair: Elisabeth Rudman
Initial Rating Date: March 1, 2012
Most Recent Rating Update: September 29, 2015

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Information regarding DBRS ratings, including definitions, policies and methodologies are available on www.dbrs.com.