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Rating Component Scores For The Top 200 Banks Globally--April 2023

This report does not constitute a rating action.

S&P Global Ratings provides its issuer credit ratings (ICRs) and component scores for the top 200 banks it rates. The ICRs and component scores in table 1 are based on the main operating company within the group and are effective as of April 3, 2023. Where applicable, these are not indicative of the ratings and outlooks on the respective holding companies.

Here is a brief explanation of table 1's main column headings:

  • Anchor: We derive this by combining our relative economic and industry risk assessments for each national banking sector. For multinational banks, the economic risk is weighted according to the mix of their country exposures.
  • Business position, capital and earnings, risk position, funding, and liquidity: These are bank-specific rating factors that adjust the anchor up or down to produce the stand-alone credit profile (SACP). Depending on the anchor level, this assessment can produce different adjustment.
  • CRA (comparable ratings analysis) adjustment: We may apply an adjustment of up to one notch in either direction to arrive at the SACP, capturing a more holistic view of creditworthiness.
  • Type of support and No. of notches of support: Ratings may include our view of extraordinary support from one of the following: a government, parent group, or additional loss-absorbing capacity (ALAC); otherwise, we list the type of support as none in the table. If there is support, we indicate whether the support derives from the bank's systemic importance, its classification as a government-related entity, additional support from a government, membership of a group, or ALAC. ALAC consists of certain bank hybrid capital instruments, and in specified circumstances, other liabilities (such as non-operating holding company debt in some jurisdictions) that can absorb losses of a bank at or near nonviability in a way that reduces the risk of the bank defaulting, according to our definition, on its senior unsecured obligations. We also specify the number of notches of uplift above the SACP.
  • Additional factors: In some cases, we have made a one-notch adjustment, higher or lower, to the potential outcome, according to our criteria (see paragraphs 25-31 in "Financial Institutions Rating Methodology," published Dec. 9, 2021, on RatingsDirect). It can also reflect a sovereign cap on some entities.

Issuer Credit Ratings And Component Scores For The Top 200 Banks Globally
Country Institution Opco L-T ICR/Outlook Anchor Business position Capital and earnings Risk position Funding and liquidity CRA Adjustement Group SACP or SACP Type of support No. of notches of support Additional factors
Australia

Australia and New Zealand Banking Group Ltd.

AA-/Stable bbb+ Strong (+1) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 a Sys. imp. +2 0

Commonwealth Bank of Australia

AA-/Stable bbb+ Strong (+1) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 a Sys. imp. +2 0

Macquarie Bank Ltd.

A+/Stable bbb+ Adequate (0) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 a- Sys. imp. +2 0

National Australia Bank Ltd.

AA-/Stable bbb+ Strong (+1) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 a Sys. imp. +2 0

Westpac Banking Corp.

AA-/Stable bbb+ Strong (+1) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 a Sys. imp. +2 0
Austria

Erste Group Bank AG

A+/Stable bbb+ Strong (+1) Adequate (0) Adequate (0) Strong/ Strong (+1) 0 a ALAC +1 0

Raiffeisen Bank International AG

A-/Negative bbb+ Adequate (0) Adequate (0) Adequate (0) Strong/ Strong (+1) 0 a- None 0 0
Belgium

Belfius Bank SA/NV

A/Stable a- Adequate (0) Strong (+1) Moderate (-1) Adequate/ Adequate (0) 0 a- ALAC +1 0

KBC Group N.V.§

A+/Stable bbb+ Strong (+1) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 a ALAC +1 0
Brazil

Banco Bradesco S.A.

BB-/Stable bb+ Very Strong (+2) Constrained (-1) Adequate (0) Strong/ Adequate (0) 0 bbb- None 0 (3)

Banco BTG Pactual S.A.

BB-/Stable bbb Adequate (0) Moderate (0) Moderate (-1) Adequate/ Adequate (0) 0 bb None 0 (1)

Banco do Brasil S.A

BB-/Stable bb+ Very Strong (+2) Moderate (0) Adequate (0) Strong/ Adequate (0) 0 bbb None 0 (4)

Banco Nacional de Desenvolvimento Economico e Social

BB-/Stable bb+ Adequate (0) Adequate (0) Strong (+1) Strong/ Adequate (0) 0 bbb- None 0 (3)

Caixa Economica Federal

BB-/Stable bb+ Adequate (0) Constrained (-1) Moderate (-1) Strong/ Strong (+1) 0 bb None 0 (1)
Canada

Bank of Montreal

A+/Stable a- Adequate (0) Adequate (0) Strong (+1) Adequate/ Adequate (0) 0 a Sys. imp. +1 0

Bank of Nova Scotia (The)

A+/Stable bbb+ Strong (+1) Adequate (0) Strong (+1) Adequate/ Adequate (0) 0 a Sys. imp. +1 0

Canadian Imperial Bank of Commerce

A+/Stable a- Adequate (0) Adequate (0) Strong (+1) Adequate/ Adequate (0) 0 a Sys. imp. +1 0

Federation des caisses Desjardins du Quebec

A+/Stable a- Adequate (0) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 a Sys. imp. +1 0

National Bank of Canada

A/Stable a- Adequate (0) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 a- Sys. imp. +1 0

Royal Bank of Canada

AA-/Stable a- Strong (+1) Adequate (0) Strong (+1) Adequate/ Adequate (0) 0 a+ Sys. imp. +1 0

Toronto-Dominion Bank (The)

AA-/Stable a- Strong (+1) Adequate (0) Strong (+1) Adequate/ Adequate (0) 0 a+ Sys. imp. +1 0
China

Agricultural Bank of China Ltd.

A/Stable bb+ Very Strong (+2) Adequate (0) Adequate (0) Strong/ Strong (+1) 0 bbb+ GRE +2 0

Bank of China Ltd.

A/Stable bbb- Very Strong (+2) Adequate (0) Adequate (0) Strong/ Strong (+1) 0 a- GRE +1 0

Bank of Chongqing Co. Ltd.

BBB-/Stable bb+ Adequate (0) Moderate (0) Moderate (-1) Adequate/ Adequate (0) 0 bb GRE +2 0

Bank of Communications Co. Ltd.

A-/Stable bb+ Strong (+1) Adequate (0) Adequate (0) Strong/ Adequate (0) 0 bbb- GRE +3 0

China Bohai Bank Co. Ltd.

BBB-/Negative bb+ Adequate (0) Constrained (-1) Adequate (0) Adequate/ Adequate (0) 0 bb Sys. imp. +2 0

China CITIC Bank Corp. Ltd.

BBB+/Stable bb+ Adequate (0) Constrained (-1) Adequate (0) Adequate/ Adequate (0) 0 bb Group +4 0

China Construction Bank Corp.

A/Stable bb+ Very Strong (+2) Adequate (0) Adequate (0) Strong/ Strong (+1) 0 bbb+ GRE +2 0

China Everbright Bank Co. Ltd.

BBB+/Stable bb+ Adequate (0) Moderate (0) Adequate (0) Adequate/ Adequate (0) 0 bb+ Group +3 0

China Guangfa Bank Co. Ltd.

BBB-/Stable bb+ Adequate (0) Moderate (0) Moderate (-1) Adequate/ Adequate (0) 0 bb Sys. imp. +2 0

China Merchants Bank Co. Ltd.

BBB+/Developing bb+ Strong (+1) Moderate (0) Strong (+1) Strong/ Adequate (0) 0 bbb Sys. imp. +1 0

China Minsheng Banking Corp. Ltd.

BBB-/Stable bb+ Adequate (0) Constrained (-1) Adequate (0) Adequate/ Adequate (0) 0 bb Sys. imp. +2 0

China Zheshang Bank Co. Ltd.

BBB-/Stable bb+ Adequate (0) Constrained (-1) Adequate (0) Adequate/ Adequate (0) 0 bb Sys. imp. +2 0

Hua Xia Bank Co. Ltd.

BBB-/Stable bb+ Adequate (0) Moderate (0) Moderate (-1) Adequate/ Adequate (0) 0 bb GRE +2 0

Industrial and Commercial Bank of China Ltd.

A/Stable bb+ Very Strong (+2) Adequate (0) Adequate (0) Strong/ Strong (+1) 0 bbb+ GRE +2 0

Ping An Bank Co. Ltd.

BBB+/Negative bb+ Adequate (0) Constrained (-1) Adequate (0) Adequate/ Adequate (0) 0 bb Group +4 0

Postal Savings Bank Of China Co. Ltd.

A/Stable bb+ Strong (+1) Moderate (0) Adequate (0) Strong/ Strong (+1) 0 bbb GRE +3 0

Shanghai Pudong Development Bank Co. Ltd.

BBB/Stable bb+ Adequate (0) Constrained (-1) Adequate (0) Adequate/ Adequate (0) 0 bb GRE +3 0

Shanghai Rural Commercial Bank Co. Ltd.

BBB/Stable bb+ Adequate (0) Moderate (0) Adequate (0) Adequate/ Strong (0) 0 bb+ GRE +2 0
Colombia

Bancolombia, S. A. y Companias Subordinadas

BB+/Stable bb+ Strong (+1) Constrained (-1) Adequate (0) Adequate/ Adequate (0) 0 bb+ None 0 0
Denmark

Danske Bank A/S

A+/Stable bbb+ Strong (+1) Strong (+1) Moderate (-1) Adequate/ Adequate (0) 0 a- ALAC +2 0

Jyske Bank A/S

A/Stable bbb+ Adequate (0) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 a- ALAC +1 0

Nykredit Realkredit A/S

A+/Stable bbb+ Adequate (0) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 a- ALAC +2 0
Egypt

Banque Misr

B/Stable b+ Strong (+1) Weak (-1) Moderate (-1) Adequate/ Adequate (0) 0 b None 0 0

National Bank of Egypt

B/Stable b+ Strong (+1) Weak (-1) Moderate (-1) Adequate/ Adequate (0) 0 b None 0 0
Finland

Nordea Bank Abp

AA-/Stable a- Strong (+1) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 a+ ALAC +1 0
France

BNP Paribas

A+/Stable bbb+ Very Strong (+2) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 a ALAC +1 0

BPCE

A/Stable bbb+ Adequate (0) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 a- ALAC +1 0

Credit Agricole Group

A+/Stable bbb+ Strong (+1) Adequate (0) Strong (+1) Adequate/ Adequate (0) 0 a ALAC +1 0

Credit Mutuel Group

A+/Stable bbb+ Strong (+1) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 a ALAC +1 0

La Banque Postale

A+/Negative bbb+ Adequate (0) Moderate (-1) Moderate (-1) Strong/ Strong (+1) 0 bbb Group +4 0

RCI Banque

BBB-/Stable bbb Moderate (-1) Strong (+1) Adequate (0) Moderate/ Adequate (-1) 0 bbb- None 0 0

Societe Generale

A/Stable bbb+ Adequate (0) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 bbb+ ALAC +2 0
Germany

Commerzbank AG

A-/Stable bbb+ Moderate (-1) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 bbb ALAC +2 0

Cooperative Banking Sector Germany

A+/Stable bbb+ Strong (+1) Strong (+1) Adequate (0) Strong/ Strong (+1) 0 a+ None 0 0

DekaBank Deutsche Girozentrale

A/Stable bbb+ Moderate (-1) Strong (+1) Moderate (-1) Adequate/ Adequate (0) 0 bbb Group +3 0

Deutsche Bank AG

A-/Stable bbb+ Adequate (0) Adequate (0) Moderate (-1) Adequate/ Adequate (0) 0 bbb ALAC +2 0

Volkswagen Bank GmbH

BBB+/Stable bbb+ Constrained (-2) Very Strong (+2) Adequate (0) Adequate/ Adequate (0) 0 bbb+ None 0 0
Greece

Eurobank Ergasias Services And Holdings S.A.§

B+/Positive bb- Adequate (0) Constrained (-1) Adequate (0) Adequate/ Adequate (0) 0 b+ None 0 0

National Bank of Greece S.A.

B+/Positive bb- Adequate (0) Constrained (-1) Adequate (0) Adequate/ Adequate (0) 0 b+ None 0 0
Hong Kong

Bank of East Asia Limited (The)

A-/Stable bbb+ Adequate (0) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 bbb+ Sys. imp. +1 0
Hungary

OTP Bank PLC

BBB-/Stable bbb- Strong (+1) Adequate (0) Moderate (-1) Strong/ Strong (+1) 0 bbb None (1) 0
India

Axis Bank Ltd.

BBB-/Stable bb+ Strong (+1) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 bbb- None 0 0

Bank of India

BB+/Stable bb+ Adequate (0) Moderate (0) Constrained (-2) Strong/ Strong (+1) 0 bb GRE +1 0

HDFC Bank Ltd.

BBB-/Stable bb+ Strong (+1) Adequate (0) Strong (+1) Strong/ Strong (+1) 0 bbb+ None 0 (2)

ICICI Bank Ltd.

BBB-/Stable bb+ Strong (+1) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 bbb- None 0 0

Kotak Mahindra Bank

BBB-/Stable bb+ Adequate (0) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 bbb- None 0 0

State Bank of India

BBB-/Stable bb+ Strong (+1) Constrained (-1) Adequate (0) Strong/ Strong (+1) 0 bbb- None 0 0

Union Bank of India

BB+/Stable bb+ Adequate (0) Constrained (-1) Constrained (-2) Strong/ Strong (+1) 0 bb- GRE +2 0
Indonesia

PT Bank Mandiri (Persero)

BBB-/Stable bb+ Strong (+1) Strong (+1) Moderate (-1) Adequate/ Strong (0) 0 bbb- None 0 0

PT Bank Negara Indonesia (Persero) Tbk.

BBB-/Stable bb+ Strong (+1) Strong (+1) Moderate (-1) Adequate/ Strong (0) 0 bbb- None 0 0

PT Bank Rakyat Indonesia (Persero) Tbk.

BBB-/Stable bb+ Strong (+1) Strong (+1) Moderate (-1) Adequate/ Strong (0) 0 bbb- None 0 0
Ireland

AIB Group PLC§

A-/Positive bbb Adequate (0) Strong (+1) Moderate (-1) Adequate/ Adequate (0) 0 bbb ALAC +2 0

Bank of Ireland Group PLC§

A-/Positive bbb Adequate (0) Strong (+1) Moderate (-1) Adequate/ Adequate (0) 0 bbb ALAC +2 0
Israel

Bank Hapoalim B.M.

A/Stable bbb+ Strong (+1) Strong (+1) Moderate (-1) Adequate/ Adequate (0) 0 a- Sys. imp. +1 0

Bank Leumi le-Israel B.M.

A/Stable bbb+ Strong (+1) Strong (+1) Moderate (-1) Adequate/ Adequate (0) 0 a- Sys. imp. +1 0

Israel Discount Bank Ltd.

BBB+/Positive bbb+ Adequate (0) Adequate (0) Moderate (-1) Adequate/ Adequate (0) 0 bbb Sys. imp. +1 0

Mizrahi Tefahot Bank Ltd.

A-/Positive bbb+ Adequate (0) Strong (+1) Moderate (-1) Adequate/ Adequate (0) 0 bbb+ Sys. imp. +1 0
Italy

Iccrea Banca SpA

BB+/Stable bbb- Adequate (0) Adequate (0) Constrained (-2) Strong/ Strong (+1) 0 bb+ None 0 0

Intesa Sanpaolo SpA

BBB/Stable bbb- Strong (+1) Moderate (-1) Strong (+1) Adequate/ Adequate (0) 0 bbb None 0 0

Mediobanca SpA

BBB/Stable bbb- Adequate (0) Adequate (0) Strong (+1) Adequate/ Adequate (0) 0 bbb None 0 0

UniCredit SpA

BBB/Stable bbb Strong (+1) Adequate (0) Moderate (-1) Adequate/ Adequate (0) 0 bbb None 0 0
Japan

Chiba Bank Ltd.

A-/Stable bbb+ Adequate (0) Adequate (0) Strong (+1) Adequate/ Strong (0) 0 a- None 0 0

Development Bank of Japan Inc.

A/Stable bbb+ Moderate (-1) Strong (+1) Moderate (-1) Adequate/ Adequate (0) 0 bbb GRE +3 0

Hachijuni Bank Ltd.

A-/Stable bbb+ Adequate (0) Strong (+1) Adequate (0) Adequate/ Strong (0) 0 a- None 0 0

Iyo Bank

A-/Stable bbb+ Adequate (0) Strong (+1) Adequate (0) Adequate/ Strong (0) 0 a- None 0 0

Japan Post Bank Co. Ltd.

A/Stable bbb+ Adequate (0) Adequate (0) Moderate (-1) Strong/ Strong (+1) 0 bbb+ GRE +2 0

Kyushu Financial Group Inc.*

BBB+/Stable bbb+ Moderate (-1) Adequate (0) Adequate (0) Adequate/ Strong (0) 0 bbb Sys. imp. +1 0

Mitsubishi UFJ Financial Group Inc.§

A/Stable bbb+ Strong (+1) Adequate (0) Adequate (0) Strong/ Strong (+1) 0 a None 0 0

Mizuho Financial Group Inc.§

A/Stable bbb+ Strong (+1) Moderate (-1) Adequate (0) Strong/ Strong (+1) 0 bbb+ Sys. imp. +1 0

Nomura Holdings Inc.§

A-/Stable bbb+ Moderate (-1) Strong (+1) Moderate (-1) Adequate/ Adequate (0) 0 bbb Sys. imp. +2 0

Norinchukin Bank

A/Stable bbb+ Moderate (-1) Strong (+1) Moderate (-1) Strong/ Strong (+1) 0 bbb+ Sys. imp. +2 0

Resona Bank Ltd.

A/Stable bbb+ Adequate (0) Adequate (0) Adequate (0) Strong/ Strong (+1) 0 a- Sys. imp. +1 0

Shinkin Central Bank

A/Stable bbb+ Adequate (0) Adequate (0) Adequate (0) Adequate/ Strong (0) 0 bbb+ Sys. imp. +2 0

Shinsei Bank Ltd.

BBB/Stable bbb+ Moderate (-1) Adequate (0) Moderate (-1) Adequate/ Adequate (0) 0 bbb- Sys. imp. +1 0

Shizuoka Bank Ltd.

A-/Stable bbb+ Adequate (0) Strong (+1) Adequate (0) Adequate/ Strong (0) 0 a- None 0 0

Sumitomo Mitsui Financial Group Inc.§

A/Stable bbb+ Strong (+1) Adequate (0) Adequate (0) Strong/ Strong (+1) 0 a None 0 0

Sumitomo Mitsui Trust Bank Ltd.

A/Stable bbb+ Strong (+1) Adequate (0) Adequate (0) Adequate/ Strong (0) 0 a- Sys. imp. +1 0
Korea

Industrial Bank of Korea

AA-/Stable bbb+ Adequate (0) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 bbb+ GRE +4 0

KEB Hana Bank

A+/Stable bbb+ Strong (+1) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 a- Sys. imp. +2 0

Kookmin Bank

A+/Stable bbb+ Strong (+1) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 a- Sys. imp. +2 0

Korea Development Bank

AA/Stable bbb+ Moderate (-1) Moderate (-1) Constrained (-2) Moderate/ Adequate (-1) 0 bb- GRE +10 0

Nonghyup Bank

A+/Stable bbb+ Strong (+1) Adequate (0) Adequate (0) Strong/ Adequate (0) 0 a- GRE +2 0

Shinhan Bank

A+/Stable bbb+ Strong (+1) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 a- Sys. imp. +2 0

Woori Bank

A+/Stable bbb+ Strong (+1) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 a- Sys. imp. +2 0
Kuwait

National Bank of Kuwait S.A.K.

A/Stable bbb Strong (+1) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 a- Sys. imp. +1 0
Liechtenstein

LGT Bank AG

A+/Stable a- Strong (+1) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 a+ None 0 0
Luxembourg

Banque et Caisse d'Epargne de l'Etat, Luxembourg

AA+/Stable a- Adequate (0) Very Strong (+2) Moderate (-1) Strong/ Strong (+1) 0 a+ GRE +3 0
Malaysia

CIMB Bank Bhd.

A-/Stable bbb Strong (+1) Adequate (0) Adequate (0) Strong/ Strong (+1) 0 a- None 0 0

Malayan Banking Bhd.

A-/Stable bbb Strong (+1) Adequate (0) Adequate (0) Strong/ Strong (+1) 0 a- None 0 0

Public Bank Bhd.

A-/Stable bbb Strong (+1) Strong (+1) Strong (+1) Strong/ Strong (+1) (1) a None 0 (1)

RHB Bank Bhd.

BBB+/Stable bbb Adequate (0) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 bbb Sys. imp. +1 0
Mexico

Banco Mercantil del Norte S.A. Institucion de Banca Multiple Grupo Financiero Banorte

BBB/Stable bbb- Strong (+1) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 bbb+ None 0 (1)
Netherlands

ABN AMRO Bank N.V.

A/Stable bbb+ Adequate (0) Strong (+1) Adequate (0) Adequate/ Adequate (0) (1) bbb+ ALAC +2 0

Cooperatieve Rabobank U.A.

A+/Stable bbb+ Strong (+1) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 a ALAC +1 0

ING Groep N.V.§

A+/Stable bbb+ Strong (+1) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 a ALAC +1 0
Norway

DNB Bank ASA

AA-/Stable a- Strong (+1) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 a+ ALAC +1 0
Philippines

Bank of the Philippine Islands

BBB+/Stable bbb- Strong (+1) Strong (+1) Adequate (0) Adequate/ Strong (0) 0 bbb+ None 0 0
Poland

Bank Polska Kasa Opieki S.A.

BBB+/Stable bbb Adequate (0) Strong (+1) Adequate (0) Adequate/ Strong (0) 0 bbb+ None 0 0
Portugal

Banco Comercial Portugues S.A.

BB+/Stable bbb- Adequate (0) Moderate (-1) Adequate (0) Adequate/ Adequate (0) 0 bb+ None 0 0
Qatar

Qatar National Bank (Q.P.S.C.)

A+/Stable bbb- Strong (+1) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 bbb GRE +4 0
Saudi Arabia

Al Rajhi Bank

A-/Stable bbb Strong (+1) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 a- None 0 0

Arab National Bank

A-/Stable bbb Adequate (0) Strong (+1) Moderate (-1) Adequate/ Adequate (0) 0 bbb Sys. imp. +2 0

Banque Saudi Fransi

A-/Stable bbb Adequate (0) Strong (+1) Moderate (-1) Adequate/ Adequate (0) 0 bbb Sys. imp. +2 0

Riyad Bank

A-/Stable bbb Adequate (0) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 bbb+ Sys. imp. +1 0

The Saudi National Bank

A-/Stable bbb Strong (+1) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 a- None 0 0
Singapore

DBS Bank Ltd.

AA-/Stable bbb+ Strong (+1) Adequate (0) Adequate (0) Strong/ Strong (+1) 0 a Sys. imp. +2 0

Oversea-Chinese Banking Corp. Ltd.

AA-/Stable bbb+ Strong (+1) Adequate (0) Adequate (0) Strong/ Strong (+1) 0 a Sys. imp. +2 0

United Overseas Bank Ltd.

AA-/Stable bbb+ Strong (+1) Adequate (0) Adequate (0) Strong/ Strong (+1) 0 a Sys. imp. +2 0
South Africa

FirstRand Bank Ltd.

BB-/Stable bb+ Strong (+1) Moderate (0) Adequate (0) Adequate/ Adequate (0) 0 bbb- None 0 (3)

Nedbank Ltd.

BB-/Stable bb+ Strong (+1) Moderate (0) Adequate (0) Adequate/ Adequate (0) 0 bbb- None 0 (3)
Spain

Abanca Corporacion Bancaria S.A

BBB-/Stable bbb Moderate (-1) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 bbb- None 0 0

Banco Bilbao Vizcaya Argentaria S.A.

A/Stable bbb Strong (+1) Adequate (0) Strong (+1) Adequate/ Adequate (0) 0 a- ALAC +1 0

Banco de Sabadell S.A.

BBB/Stable bbb Moderate (-1) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 bbb- ALAC +1 0

Banco Santander S.A.

A+/Stable bbb Very Strong (+2) Adequate (0) Strong (+1) Adequate/ Adequate (0) 0 a ALAC +1 0

CaixaBank S.A.

A-/Stable bbb Strong (+1) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 bbb+ ALAC +1 0
Sweden

Skandinaviska Enskilda Banken AB (publ)

A+/Stable a- Adequate (0) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 a ALAC +1 0

Svenska Handelsbanken AB

AA-/Stable a- Strong (+1) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 a+ ALAC +1 0

Swedbank AB

A+/Stable a- Strong (+1) Strong (+1) Moderate (-1) Adequate/ Adequate (0) 0 a ALAC +1 0
Switzerland

Bank J. Safra Sarasin Ltd

A/Stable a- Moderate (-1) Very Strong (+2) Adequate (0) Adequate/ Adequate (0) 0 a None 0 0

Credit Suisse Group AG§

A-/Watch Pos a- Moderate (-1) Strong (+1) Moderate (-1) Adequate/ Adequate (0) (1) bbb ALAC +2 0

PostFinance AG

AA/Stable a- Moderate (-1) Very Strong (+2) Adequate (0) Strong/ Strong (+1) 0 a+ Group +2 0

Raiffeisen Schweiz Genossenschaft

A+/Stable a- Adequate (0) Very Strong (+2) Adequate (0) Adequate/ Adequate (0) 0 a+ None 0 0

UBS Group AG§

A+/Stable a- Strong (+1) Strong (+1) Moderate (-1) Adequate/ Adequate (0) 0 a ALAC +1 0

Zuercher Kantonalbank

AAA/Stable a- Strong (+1) Very Strong (+2) Adequate (0) Adequate/ Strong (0) 0 aa- GRE +3 0
Taiwan

Bank of Taiwan

AA/Stable bbb Adequate (0) Strong (+1) Adequate (0) Strong/ Strong (+1) 0 a- GRE +4 0

Cathay United Bank Co. Ltd.

A/Stable bbb Adequate (0) Strong (+1) Adequate (0) Adequate/ Strong (0) 0 bbb+ Sys. imp. +2 0

Chang Hwa Commercial Bank Ltd.

A/Stable bbb Adequate (0) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 bbb+ Sys. imp. +2 0

CTBC Bank Co. Ltd.

A/Stable bbb Strong (+1) Strong (+1) Adequate (0) Adequate/ Strong (0) 0 a- Sys. imp. +1 0

E.SUN Commercial Bank Ltd.

A/Stable bbb Adequate (0) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 bbb+ Sys. imp. +2 0

First Commercial Bank Ltd.

A/Stable bbb Adequate (0) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 bbb+ Sys. imp. +2 0

Hua Nan Commercial Bank Ltd.

A/Stable bbb Adequate (0) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 bbb+ Sys. imp. +2 0

Land Bank of Taiwan

A/Stable bbb Adequate (0) Adequate (0) Adequate (0) Strong/ Adequate (0) 0 bbb Sys. imp. +3 0

Mega International Commercial Bank Co. Ltd.

A+/Stable bbb Strong (+1) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 a- Sys. imp. +2 0

Shanghai Commercial & Savings Bank Ltd. (The)

BBB+/Stable bbb Adequate (0) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 bbb+ None 0 0

Taipei Fubon Commercial Bank Co. Ltd.

A/Stable bbb Adequate (0) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 bbb+ Sys. imp. +2 0

Taiwan Cooperative Bank Ltd.

A+/Stable bbb Adequate (0) Strong (+1) Adequate (0) Strong/ Adequate (0) 0 bbb+ Sys. imp. +3 0

Taishin International Bank Co. Ltd.

BBB+/Stable bbb Adequate (0) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 bbb+ None 0 0
Thailand

Bangkok Bank Public Co. Ltd.

BBB+/Stable bb Strong (+1) Adequate (0) Adequate (0) Strong/ Strong (+1) 0 bbb- Sys. imp. +2 0

KASIKORNBANK PCL

BBB/Stable bb Strong (+1) Adequate (0) Adequate (0) Adequate/ Strong (0) 0 bb+ Sys. imp. +2 0

Krung Thai Bank Public Co. Ltd.

BBB-/Stable bb Adequate (0) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 bb Sys. imp. +2 0

Siam Commercial Bank Public Co. Ltd.

BBB/Stable bb Strong (+1) Adequate (0) Adequate (0) Adequate/ Strong (0) 0 bb+ Sys. imp. +2 0

TMB Bank Public Co. Ltd.

BBB-/Stable bb Adequate (0) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 bb Sys. imp. +2 0
United Arab Emirates

Abu Dhabi Commercial Bank

A/Stable bbb- Strong (+1) Strong (+1) Moderate (-1) Adequate/ Adequate (0) 0 bbb GRE +3 0

First Abu Dhabi Bank

AA-/Stable bbb- Strong (+1) Strong (+1) Strong (+1) Adequate/ Strong (0) 0 a- GRE +2 +1
United Kingdom

Barclays PLC§

A/Positive bbb+ Adequate (0) Strong (+1) Moderate (-1) Adequate/ Adequate (0) 0 bbb+ ALAC +2 0

HSBC Holdings PLC§

A+/Stable bbb+ Strong (+1) Adequate (0) Strong (+1) Strong/ Adequate (0) 0 a ALAC +1 0

Lloyds Banking Group PLC§

A+/Stable bbb+ Strong (+1) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 a- ALAC +2 0

Nationwide Building Society

A+/Stable bbb+ Adequate (0) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 a- ALAC +2 0

NatWest Group plc§

A/Stable bbb+ Adequate (0) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 bbb+ ALAC +2 0

Standard Chartered PLC§

A+/Stable bbb+ Adequate (0) Adequate (0) Adequate (0) Strong/ Strong (+1) 0 a- ALAC +2 0

Virgin Money UK PLC§

A-/Stable bbb+ Moderate (-1) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 bbb ALAC +2 0
United States of America

Ally Financial Inc.†

BBB-/Stable bbb+ Adequate (0) Adequate (0) Adequate (0) Moderate/ Adequate (-1) 0 bbb None 0 0

American Express Co.§

A-/Stable bbb+ Strong (+1) Adequate (0) Strong (+1) Moderate/ Adequate (-1) 0 a- None 0 0

Bank of America Corp.§

A+/Stable bbb+ Strong (+1) Adequate (0) Strong (+1) Adequate/ Adequate (0) 0 a ALAC +1 0

Bank of New York Mellon Corp.§

AA-/Stable bbb+ Very Strong (+2) Adequate (0) Strong (+1) Adequate/ Strong (0) 0 a+ ALAC +1 0

Capital One Financial Corp.§

BBB+/Stable bbb+ Adequate (0) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 bbb+ None 0 0

Citigroup Inc.§

A+/Stable bbb+ Strong (+1) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 a- ALAC +2 0

Citizens Financial Group, Inc.§

A-/Stable bbb+ Strong (+1) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 a- None 0 0

Comerica Inc.§

A-/Stable bbb+ Strong (+1) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 a- None 0 0

Discover Financial Services§

BBB/Stable bbb+ Adequate (0) Adequate (0) Adequate (0) Moderate/ Adequate (-1) 0 bbb None 0 0

Fifth Third Bancorp§

A-/Stable bbb+ Strong (+1) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 a- None 0 0

First Horizon Corp.§

BBB/Watch Pos bbb+ Moderate (-1) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 bbb None 0 0

First Republic Bank

B+/Watch Neg bbb+ Constrained (-2) Adequate (0) Adequate (0) Weak/ Weak (-4) 0 b+ None 0 0

Goldman Sachs Group Inc. (The)§

A+/Stable bbb+ Strong (+1) Adequate (0) Moderate (-1) Adequate/ Adequate (0) +1 a- ALAC +2 0

Huntington Bancshares Inc.§

A-/Stable bbb+ Strong (+1) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 a- None 0 0

JPMorgan Chase & Co.§

A+/Stable bbb+ Very Strong (+2) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 a ALAC +1 0

KeyCorp§

A-/Stable bbb+ Adequate (0) Adequate (0) Strong (+1) Adequate/ Adequate (0) 0 a- None 0 0

M&T Bank Corp.§

A-/Stable bbb+ Strong (+1) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 a- None 0 0

Morgan Stanley§

A+/Stable bbb+ Strong (+1) Strong (+1) Adequate (0) Adequate/ Adequate (0) 0 a ALAC +1 0

Northern Trust Corp.§

AA-/Stable bbb+ Very Strong (+2) Adequate (0) Very Strong (+2) Adequate/ Strong (0) 0 aa- None 0 0

PNC Financial Services Group, Inc. (The)§

A/Stable bbb+ Strong (+1) Adequate (0) Strong (+1) Adequate/ Adequate (0) 0 a None 0 0

Popular Inc.§

BBB-/Stable bbb+ Moderate (-1) Strong (+1) Constrained (-2) Adequate/ Adequate (0) 0 bbb- None 0 0

Regions Financial Corp.§

A-/Stable bbb+ Strong (+1) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 a- None 0 0

State Street Corp.§

AA-/Stable bbb+ Very Strong (+2) Adequate (0) Strong (+1) Adequate/ Strong (0) 0 a+ ALAC +1 0

Synchrony Financial§

BBB/Stable bbb+ Adequate (0) Adequate (0) Adequate (0) Moderate/ Adequate (-1) 0 bbb None 0 0

Truist Financial Corp.§

A/Stable bbb+ Strong (+1) Adequate (0) Strong (+1) Adequate/ Adequate (0) 0 a None 0 0

U.S. Bancorp§

AA-/Negative bbb+ Very Strong (+2) Adequate (0) Strong (+1) Adequate/ Adequate (0) +1 aa- None 0 0

Wells Fargo & Co.§

A+/Stable bbb+ Strong (+1) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 a- ALAC +2 0

Zions BanCorp., N.A.

BBB+/Stable bbb+ Adequate (0) Adequate (0) Adequate (0) Adequate/ Adequate (0) 0 bbb+ None 0 0
In the "Type of Support" column, "None" includes some banks where ratings uplift because of support factors may be possible but none is currently included. (For example, this column includes some systemically important banks where systemic importance results in no rating uplift). ICRs are foreign currency ratings only. *The subscores are for Kyushu Financial Group Inc. The issuer credit ratings are assigned to Kagoshima Bank Ltd. §Holding company; the rating reflects that on the main operating company. †The ratings reflects that on the holding company. CRA--Comparable ratings analysis. ICR--Issuer credit rating. GRE--Government-related entity. SACP--Stand-alone credit profile. Sys. Imp.--Systemically important. ALAC--Additional loss-absorbing capacity. Sov--Capped by sovereign rating.
Primary Credit Analyst:Mehdi El mrabet, Paris + 33 14 075 2514;
mehdi.el-mrabet@spglobal.com
Secondary Contact:Alexandre Birry, London + 44 20 7176 7108;
alexandre.birry@spglobal.com
Additional Contact:Financial Institutions EMEA;
Financial_Institutions_EMEA_Mailbox@spglobal.com

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