Outlook: Stable
Action date: 12/16/2021
Rating action: Affirmed


Axesor Rating affirms Banco Santander's rating at "A", maintaining the Stable Outlook. Banco Santander, S.A. (hereinafter Santander) is the largest Spanish banking group by total assets with a high market share in around ten markets in Europe and Latin America. Santander has a universal banking business model present in commercial banking, investment banking, private banking and asset management services. Our credit rating is based on the bank's large size, with a strong international presence and a high market share in the markets in which it operates, which gives it an outstanding diversification. Moreover, the group's recurrent profitability in recent years has outperformed its main peers despite the complex economic environment for banking with outstanding efficiency. However, our rating is constrained by lower capitalisation and liquidity compared to its peers despite being at adequate levels and an economic scenario that points to a deterioration in the quality of the bank's assets and an increase in non-performing loans in the coming years.


Date last rating: 12/16/2021
Date first rating: 12/04/2018