Banesto Holdings, Ltd. -- Moody's changes outlook on Banco Santander's Baa2 ratings to stable from negative; affirms ratings

Madrid, February 11, 2014 -- Moody's Investor's Service has today changed to stable from negative the outlook on Banco Santander S.A. (Spain)'s (Santander) Baa2 long-term senior debt and deposit ratings. Concurrently, Moody's affirmed these ratings. The change in outlook and affirmation of the Baa2 ratings follow (1) the affirmation of the bank's standalone bank financial strength rating (BFSR) at C- (equivalent to a baa2 baseline credit assessment (BCA)) with a stable outlook; (2) the gradual economic recovery in Spain; and (3) Moody's view that the group's risk-absorption capacity remains resilient despite ongoing asset-quality pressures.

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