DBRS Morningstar Assigns Credit Ratings to Bankinter’s Subordinated Debt at BBB with Positive Trend

DBRS Ratings GmbH (DBRS Morningstar) assigned credit ratings to Bankinter S.A. (Bankinter or the Bank) Subordinated Debt at BBB with a Positive trend. These instruments are included in the Bank’s EUR 12 billion Fixed Income and Structured Securities Programme dated January 13, 2023 (the Programme) and supplemented on April 19, 2023. A full list of credit rating actions is included at the end of this press release.

KEY CREDIT RATING CONSIDERATIONS

In line with the Bank Obligations Framework set out in DBRS Morningstar’s Global Methodology for Rating Banks and Banking Organisations (June 2023), Subordinated Debt issued under the Programme will be rated two notches below the Bank’s Long-Term Issuer Rating and Intrinsic Assessment (IA) of BBB (high).

CREDIT RATING DRIVERS
Any positive change in the Bank’s Intrinsic Assessment would have positive implications for the Subordinated Debt rating.

Similarly, any negative change in the Bank’s Intrinsic Assessment would have negative implications for the credit rating.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

There were no Environmental or Social or Governance factors that had a significant or relevant effect on the credit analysis.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (4 July 2023) - https://www.dbrsmorningstar.com/research/416784/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings

Notes:

All figures are in EUR unless otherwise noted.

The principal methodology is the Global Methodology for Rating Banks and Banking Organisations (22 June 2023) - https://www.dbrsmorningstar.com/research/415978/global-methodology-for-rating-banks-and-banking-organisations. In addition DBRS Morningstar uses the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings https://www.dbrsmorningstar.com/research/416784/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings in its consideration of ESG factors.

The credit rating methodologies used in the analysis of this transaction can be found at: https://www.dbrsmorningstar.com/about/methodologies

The sources of information used for this credit rating include Morningstar Inc. and Company Documents, Fixed Income and Structured Securities Programme from January 12, 2023. DBRS Morningstar considers the information available to it for the purposes of providing this credit rating to be of satisfactory quality.

This credit rating concerns a newly issued financial instrument. This is the first DBRS Morningstar credit rating on this financial instrument.

DBRS Morningstar does not audit the information it receives in connection with the credit rating process, and it does not and cannot independently verify that information in every instance.

The conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. DBRS Morningstar's outlooks and credit ratings are under regular surveillance.

For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: https://registers.esma.europa.eu/cerep-publication. For further information on DBRS Morningstar historical default rates published by the Financial Conduct Authority (FCA) in a central repository, see https://data.fca.org.uk/#/ceres/craStats.

The sensitivity analysis of the relevant key credit rating assumptions can be found at: https://www.dbrsmorningstar.com/research/425571/.

This credit rating is endorsed by DBRS Ratings Limited for use in the United Kingdom.

Lead Analyst: Maria Jesus Parra Chiclano, Vice President, Credit Ratings, Global FIG
Rating Committee Chair: Elisabeth Rudman, Managing Director, Global Head of Financial Institutions
Initial Credit Rating Date: November 15, 2012
Last Credit Rating Date: July 12, 2023

DBRS Ratings GmbH, Sucursal en España
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Tel. +34 (91) 903 6500

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60311 Frankfurt am Main Deutschland
Tel. +49 (69) 8088 3500
Geschäftsführer: Detlef Scholz
Amtsgericht Frankfurt am Main, HRB 110259

For more information on this credit or on this industry, visit www.dbrsmorningstar.com.