Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 963

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 963
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 requirement. The NSFR provides a sustainable maturity structure of assets

| 905 |

| Contents |     | Cross-reference to Form 20-F |     | Consolidated director's report |     | Consolidated financial statements |     | Supplemental information |

and liabilities such that banks maintain a stable funding profile in relation to their activities. At the end of 2024, this ratio stood at 126% for the Group and over 100% for all our main subsidiaries. 2.4.2 Credit, market and liquidity risk may have an adverse effect on our credit ratings and our cost of funds. Any downgrade in our credit rating would likely increase our cost of funding, require us to post additional collateral or take other actions under some of our derivative and other contracts and adversely affect our interest margins and results of operations. Credit ratings affect the cost and other terms upon which we are able to obtain funding. Rating agencies regularly evaluate us, and their ratings of our debt are based on internal methodologies dependant on a number of factors, including our financial strength and conditions affecting the financial services industry. In addition, due to the methodology of the main rating agencies, our credit rating is affected by the rating of Spanish sovereign debt. Our credit rating is in most cases above Spain's sovereign debt rating; however, if Spain’s rating is downgraded our credit rating would also likely be downgraded. Any downgrade in our debt credit ratings would likely increase our borrowing costs and require us to post additional collateral or take other actions under some of our derivative and other contracts, and could limit our access to capital markets and adversely affect our commercial business. For example, a ratings downgrade could adversely affect our ability to sell or market some of our products, engage in certain longer-term and derivatives transactions and retain our customers, particularly customers who need a minimum rating threshold in order to invest. In addition, under the terms of certain of our derivative contracts and other financial commitments, we may be required to maintain a minimum credit rating or terminate such contracts or require the posting of collateral. Any of these results of a ratings downgrade could reduce our liquidity and have an adverse effect on us, including our operating results and financial condition. We have the following ratings by the major rating agencies as of the report dates indicated below:

| Banco Santander, S.A. |     |             |     |              |     |                  |     |          |
| Rating agency         |     | Long term   |     | Short term   |     | Last report date |     | Outlook  |
| F