DBRS Assigns Ratings to Sabadell’s EUR 5 billion EMTN Programme

DBRS Ratings Limited (DBRS) has today assigned ratings to Banco de Sabadell, S.A.’s (Banco Sabadell) EUR 5 billion Euro Medium Term Programme (the programme). Senior unsecured notes with a maturity of over one year, issued under the programme, will be rated BBB (high) with Stable trend. Tier 2 subordinated debt notes with a maturity of over five years issued under the programme will be rated BBB Stable Trend, one notch below the Bank’s intrinsic Assessment of BBB (high). The subordinated debt rating is in line with DBRS’ methodology for Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities. The ratings are sensitive to a change in Banco Sabadell’s Long-term Senior Debt and Deposits rating and Intrinsic Assessment.

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 (March 2016) 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, 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: November 19, 2012
Most Recent Rating Update: September 29, 2015

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