Novo Banco, S.A.: Rating Report

Ratings

• NB Finance Ltd.

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  13-Dec-23	Senior Notes Guaranteed by NB	BB (high)	Stb	Upgraded	EU U

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• Novo Banco Luxembourg Branch

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  13-Dec-23	Long-Term Deposits	BBB (low)	Stb	Upgraded	EU U
  13-Dec-23	Long-Term Senior Debt	BB (high)	Stb	Upgraded	EU U
  13-Dec-23	Short-Term Debt	R-3	Stb	Upgraded	EU U
  13-Dec-23	Short-Term Deposits	R-2 (middle)	Stb	Upgraded	EU U

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• Novo Banco, S.A.

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  13-Dec-23	Long-Term Issuer Rating	BB (high)	Stb	Upgraded	EU U
  13-Dec-23	Short-Term Issuer Rating	R-3	Stb	Upgraded	EU U
  13-Dec-23	Long-Term Deposits	BBB (low)	Stb	Upgraded	EU U
  13-Dec-23	Long-Term Senior Debt	BB (high)	Stb	Upgraded	EU U
  13-Dec-23	Short-Term Debt	R-3	Stb	Upgraded	EU U
  13-Dec-23	Short-Term Deposits	R-2 (middle)	Stb	Upgraded	EU U
  13-Dec-23	Long Term Critical Obligations Rating	BBB	Stb	Upgraded	EU U
  13-Dec-23	Short Term Critical Obligations Rating	R-2 (high)	Stb	Upgraded	EU U
  13-Dec-23	Subordinated Debt	BB (low)	Stb	Upgraded	EU U
  13-Dec-23	Long-Term Senior Debt - EUR 5 billion EMTN Programme	BB (high)	Stb	Upgraded	EU U
  13-Dec-23	Senior Non-Preferred Debt - EUR 5 billion EMTN Programme	BB	Stb	Upgraded	EU U
  13-Dec-23	Subordinated Debt - EUR 5 billion EMTN Programme	BB (low)	Stb	Upgraded	EU U

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