DBRS Confirms Bankinter Financiación S.A.’s Guaranteed ST Instruments at R-1 (low); Stable Trend

DBRS Ratings Limited (DBRS) has today confirmed the Guaranteed Short-Term Instruments issued by Bankinter Sociedad de Financiación S.A.’s (Bankinter Financiación) under the EUR 5 billion Commercial Paper Programme (CP Programme) of at R-1 (low), with Stable Trend. The confirmation of the ratings follows the confirmation of Bankinter’s S.A. (Bankinter or the Bank) Short-Term Debt & Deposit ratings at R-1 (low) on July 11, 2016.

The Short-term rating of the guaranteed notes issued by Bankinter Financiación under the CP Programme is equal to that of Bankinter’s Short-Term Debt & Deposit rating as the notes are unconditionally and irrevocably guaranteed by Bankinter. The Short-term rating applies only to the Notes issued by Bankinter Sociedad de Financiación under this CP Programme and are subject to the maintenance of Bankinter’s Short-Term Debt & Deposit rating of R-1 (low).

Notes:
All figures are in Euros unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations (July 2016). Other applicable methodologies include the DBRS Criteria: Support Assessments for Banks and Banking Organisations (March 2016), DBRS Criteria: Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities (February 2016) and DBRS Criteria: Guarantees and Other Forms of Support (February 2016). These can be found can be found at: http://www.dbrs.com/about/methodologies

The sources of information used for this rating include company documents and SNL Financial. DBRS considers the information available to it for the purposes of providing this rating to be 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 historical default rates published by the European Securities and Markets Authority (“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: 7 October 2014
Most Recent Rating Update: September 29, 2015

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