Morningstar DBRS Discontinues Instituto de Crédito Oficial's Credit Ratings

DBRS Ratings GmbH (Morningstar DBRS) discontinued the credit ratings on Instituto de Crédito Oficial (ICO or the Bank or the Issuer) at the request of the Issuer. At the same time, Morningstar DBRS withdrew ICO's Support Assessment of SA1. The last credit rating action on ICO was taken on December 5, 2024, when Morningstar DBRS upgraded the Bank's long-term credit ratings to A (high) from "A" with Stable Trend and its short-term credit ratings to R-1 (middle) with Stable Trend.

Notes:
All figures are in euros unless otherwise noted.

The principal methodology is the Global Methodology for Rating Banks and Banking Organisations (04 June 2024) https://dbrs.morningstar.com/research/433881. In addition Morningstar DBRS uses the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings (13 August 2024) https://dbrs.morningstar.com/research/437781 in its consideration of ESG factors and the Morningstar DBRS Global Corporate Criteria (03 February 2025) https://dbrs.morningstar.com/research/447186.

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

The sources of information used for these credit ratings include Morningstar Inc. and company documents. Morningstar DBRS considers the information available to it for the purposes of providing these credit ratings to be of satisfactory quality.

Morningstar DBRS 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. Morningstar DBRS's trends and credit ratings are under regular surveillance.

For further information on Morningstar DBRS 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 Morningstar DBRS historical default rates published by the Financial Conduct Authority (FCA) in a central repository, see https://data.fca.org.uk/#/ceres/craStats.

These credit ratings are endorsed by DBRS Ratings Limited for use in the United Kingdom.

Lead Analyst: Maria Jesus Parra, Vice President - European Financial Institution Ratings
Rating Committee Chair: Maria Rivas, Senior Vice President, Sector Lead - European Financial Institution Ratings
Initial Rating Date: 25 February 2013
Last Rating Date: 5 December 2024

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For more information on this credit or on this industry, visit dbrs.morningstar.com.