DBRS Assigns BBB (high) rating to Bankinter’s Senior Non-Preferred Debt, Stable Trend

DBRS Ratings GmbH (DBRS) assigned a rating of BBB (high) with a Stable trend to Bankinter S.A.’s (Bankinter) Senior Non-Preferred Debt (called Bonos No Preferentes by Bankinter). The rating is one notch below the Bank’s Intrinsic Assessment of A (low), in line with the Debt Obligations Framework set out in DBRS’s Global Methodology for Rating Banks and Banking Organisations (June 2019). DBRS expects that any future issuance by Bankinter of Senior Non-Preferred Debt, which has the same level of subordination, would be rated at this level, assuming the Bank’s Intrinsic Assessment is A (low).

RATING DRIVERS
Any positive change in the Bank’s Intrinsic Assessment would have positive implications for the Senior Non-Preferred Debt rating. Similarly, any negative change in the Bank’s Intrinsic Assessment would have negative implications for the rating.

Notes:

All figures are in Euros unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations (June 2019). This can be found at: http://www.dbrs.com/about/methodologies

The sources of information used for this rating include Company Disclosures, Bank of Spain, the European Banking Authority (EBA) and S&P Global Market Intelligence. 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 GmbH are subject to EU and US regulations only.

Lead Analyst: Pablo Manzano, Vice President, Global FIG
Rating Committee Chair: Ross Abercromby, Managing Director, Global FIG
Initial Rating Date: November 15, 2012
Most Recent Rating Update: June 21, 2019

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