S&P Global Ratings on March 30 assigned Germany-based Santander Consumer Bank AG long- and short-term counterparty credit ratings of BBB+/A-2, with a stable outlook.

The ratings reflect the bank's sound market position in consumer finance, its strong capitalization, its granular loan portfolio and diversified funding profile. The ratings also factor in a favorable economic environment in Germany.

The stable outlook reflects the improbability of a change in the bank's status as a core unit of Spain-based Santander Consumer Finance SA over the next 18 months to 24 months, according to the agency.

Banco Santander SA is the ultimate parent of Santander Consumer Bank AG and Santander Consumer Finance.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.