Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 699

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 699
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      |  7,749 |                      |     |  39,173 |                     |     |  46,922 |       |     | 19.29 | % |     |      |  5,181 |                      |     |  29,900 |                     |     |  35,081 |       |     | 18.11 | % |
| Below BBB   |     |      |  5,543 |                      |     |  35,675 |                     |     |  41,218 |       |     | 14.54 | % |     |      |  4,654 |                      |     |  34,177 |                     |     |  38,831 |       |     | 15.97 | % |     |      |  2,974 |                      |     |  33,657 |                     |     |  36,631 |       |     | 18.91 | % |
| Unrated     |     |      |  3,471 |                      |     |       — |                     |     |   3,471 |       |     |  1.22 | % |     |      |  3,278 |                      |     |       — |                     |     |   3,278 |       |     |  1.35 | % |     |      |  4,586 |                      |     |       — |                     |     |   4,586 |       |     |  2.37 | % |
|             |     |      | 61,831 |                      |     | 221,666 |                     |     | 283,497 |       |     |   100 | % |     |      | 57,150 |                      |     | 186,053 |                     |     | 243,203 |       |     |   100 | % |     |      | 45,822 |                      |     | 147,894 |                     |     | 193,716 |       |     |   100 | % |

During 2024, Portugal's rating for sovereign issuances has been modified from BBB+ to A-. For the years 2023 and 2022, the distribution of the exposure by rating level of the previous table has not been affected by ratings reviews of the sovereign issuers.

Annual report 2024 641

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