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Moody's upgrades Santander Bank, Banco Santander Puerto Rico ratings

Moody's Investors Service on Dec. 13 upgraded Santander Bank NA's issuer rating, senior unsecured debt rating and subordinated debt rating by one notch to Baa1.

The rating agency also raised by a notch Banco Santander Puerto Rico's issuer rating and senior unsecured bank note program to Baa1 and (P)Baa1, respectively.

The upgrade reflects Moody's expectation that Santander Holdings USA Inc. will continue to issue loss-absorbing debt. Given the long-term debt requirement and the expectation of modest growth in Santander Holdings USA's balance sheet, Moody's analysis indicated a lower loss-given-failure for bank-level long-term senior and subordinate unsecured creditors.

The rating agency also upgraded Santander Holdings USA's noncumulative preferred stock rating by one notch to Ba2(hyb).