DBRS Assigns Final Rating of R-1 (low) to Sabadell’s Commercial Paper Programme; Stable Trend

DBRS Ratings Limited (DBRS) has today assigned a final rating of R-1 (low) with Stable trend to Banco de Sabadell, S.A.’s (Banco Sabadell) EUR 7 billion Commercial Paper Programme (the Programme), expandable to EUR 9 billion. The rating is in line with Banco Sabadell’s Short-Term Debt & Deposit rating of R-1 (low) and is sensitive to a change in Banco Sabadell’s Short-term rating of R-1 (low).

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: Critical Obligations Criteria (February 2016), Support Assessments for Banks and Banking Organisations (December 2015) and Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities (February 2016). These 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.

This rating concerns a newly issued financial instrument.

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: María Rivas
Rating Committee Chair: Elisabeth Rudman
Initial Rating Date: March 1, 2016
Most Recent Rating Update: February 25, 2016

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