Moody's Affirms Banco Santander's Ratings on Stable Credit Profile, Government Support

12:24 AM EDT, 10/23/2026 (MT Newswires) -- Moody's on Thursday affirmed its long-term deposit and senior unsecured debt ratings on Banco Santander (SAN.MC, BNC.L) at A1, with a stable outlook. The rating action reflects the Spanish lender's baa1 baseline credit assessment and the unchanged outcome of Moody's Advanced Loss Given Failure, or LGF, analysis. It also factors in expectations of "moderate" government support for the bank. The stable outlook mirrors that of Spain's sovereign rating, balancing upward pressure on Santander's standalone creditworthiness against downward pressure from higher expected loss severity under Moody's Advanced LGF analysis following the introduction of depositor preference.