Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 446

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 446
---
ances. The agencies listed below regularly review our ratings. Debt ratings depend on several internal factors (business model, strategy, capital, income generation capacity, liquidity, ESG related factors, etc.) but also on external factors related to economic conditions, the industry and sovereign risk across our footprint. Sometimes the methodology applied by the rating agencies limits a bank's rating to the sovereign rating of the country where it is headquartered. As at end 2024 Banco Santander, S.A. was rated above the sovereign debt rating of the Kingdom of Spain by Moody’s, DBRS and S&P and rated at the same level by Fitch, which demonstrates our financial strength and the benefits from our diversification. At the end of 2024, the ratings from the main agencies were:

| Rating agencies   |     |             |     |   |                |     |          |
|                   |     | Long term   |     |   | Short term     |     | Outlook  |
| DBRS              |     | A (High)    |     |   | R-1 (Middle)   |     | Stable   |
| Fitch Ratings     |     | A-(SeniorA) |     |   | F2 (Senior F1) |     | Stable   |
| Moody's           |     | A2          |     |   | P-1            |     | Positive |
| Standard & Poor's |     | A+          |     |   | A-1            |     | Stable   |
| Scope             |     | AA-         |     |   | S-1+           |     | Stable   |
| JCR Japan         |     | AA-         |     | — |                |     | Stable   |

In October 2024, Moody's confirmed the A2 rating for long-term and P-1 rating for short-term and maintained the positive outlook, which it had already upgraded in April, following the same movement in the rating of the Kingdom of Spain and keeping it two notches above it. In September 2024, S&P Global Ratings confirmed Santander's credit rating at A+ for long-term debt issuances and A1 for short-term. In April, S&P rated our AT1 instruments as BBB- (investment grade), a new rating for this type of instrument. It also maintained Santander's outlook at stable, above the sovereign rating. Fitch maintained the senior ratings at A/F1 in September 2024 and the stable outlook. In February 202