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S&P downgrades Santander Holdings USA

S&P Global Ratings on Dec. 4 downgraded Santander Holdings USA Inc.'s long-term issuer credit rating to BBB from BBB+.

The outlook is stable.

Its A-2 short-term issuer credit rating and BB preferred stock rating were affirmed. Subsidiary Santander Bank NA's ratings were maintained.

The downgrade is due to a change in S&P's approach, recognizing that the Federal Reserve's requirement on loss-absorbing instruments may place the holding company's bondholders at greater risk than Santander Bank's in a stress scenario.

Santander Holdings USA is a Boston-based subsidiary of Spain's Banco Santander SA.

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