DBRS Discontinues the Ratings of BPE Capital International and Popular Capital Europe

DBRS Ratings Limited (DBRS) has today discontinued the BBB Subordinated Debt ratings of Banco Popular Espanol S.A.’s (Popular) subsidiaries BPE Capital International Limited and Popular Capital Europe BV as all debt has been repaid and the entities have been liquidated.

Notes:

All figures are in EUR 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: 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) and DBRS Criteria: Guarantees and Other Forms of Support (February 2016).

These can be found at: http://www.dbrs.com/about/methodologies

The sources of information used for this rating include company documents, SNL Financial and the Bank of Spain. 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, Vice President – Global FIG
Rating Committee Chair: William Schwartz, Senior Vice President, Global Credit Policy
Initial Rating Date: September 21, 2006
Most Recent Rating Update: September 27, 2016

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