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Sovereign is now 100%-owned by Santander, one of the world's largest banks with assets totaling over $1.3 trillion. Fitch believes Sovereign is strategically important to Santander and further diversifies Santander's already sizeable global banking franchise. Sovereign maintains a considerable retail and business banking presence in the mid-Atlantic and New England states with a solid core deposit base.
Santander's long-term IDR of 'AA' is currently on Rating Watch Negative. With this in mind, the short- and long-term IDRs of Sovereign have been placed on Rating Watch Negative. Sovereign's support rating has been raised to '1' from '3', given Fitch's view of a strong probability of support by Santander in the event of need. A complete list of ratings follows this release.
Fitch has upgraded the following ratings and placed them on Rating Watch Negative:
Sovereign Bancorp, Inc.
--Long-term IDR to 'AA-' from 'BBB-';
--Senior debt to 'AA-' from 'BBB-';
--Short-term IDR to 'F1+' from 'F3'.
Sovereign Bank
--Long-term IDR to 'AA-' from 'BBB';
--Long-term deposits to 'AA' from 'BBB+';
--Subordinated debt to 'A+' from 'BBB-';
--Short-term IDR to 'F1+ from 'F2'.
Sovereign Capital Trust I, IV-VI
--Preferred stock to 'A+' from 'BB'.
ML Capital Trust I
--Preferred stock to 'A+' from 'BB'.
Sovereign Real Estate Investment Trust
--Preferred Stock to 'A+' from 'BB+'.
Fitch has upgraded the following ratings:
Sovereign Bancorp, Inc.
--Support to '1' from '3'.
Sovereign Bank
--Support to '1' from '3'.
--Short-term deposits to 'F1+' from 'F2';
The following ratings are affirmed:
Sovereign Bancorp, Inc.
--Individual 'C'.
Sovereign Bank
--Individual 'C'.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
SOURCE: Fitch Ratings
Fitch Ratings Joe Scott, +1-212-908-0624 Doriana Gamboa, +1-212-908-1865 (for Sovereign Bancorp, New York) Carmen Munoz, +34 93 323 8400 (for Banco Santander, Barcelona) Tyrene Frederick-Mack, +1-212-908-0540 (Media Relations, New York) tyrene.frederick-mack@fitchratings.com
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