Santander Consumer Bank's ratings upgraded to A1 by Moody's

On November 20, 2025, Moody's Ratings upgraded Santander Consumer Bank AS's long-term ratings from A2 to A1 and assigned a positive outlook. This action was part of broader rating adjustments for seven Western European banks, following an update to Moody's Banks methodology and actions on parent banks. The upgrade specifically reflects Moody's improved assessment of Santander Consumer Bank's diversified funding structure, which benefits from access to longer-term wholesale funding, internal group support, and a granular retail deposit base.

The positive outlook on Santander Consumer Bank AS's long-term deposit, issuer, and senior unsecured debt ratings indicates that the bank's Adjusted BCA could see further upgrades if the BCA of its ultimate support provider, Banco Santander, S.A., also improves. The bank's "Assigned BCA" of baa2 is set two notches below its "Financial Profile" initial score of a3, which accounts for moderate asset risks and concentration in auto-finance lending, as well as reliance on internet-sourced retail deposits.

The affirmation of other ratings and assessments for Santander Consumer Bank AS’s short-term instruments aligns with the recalibration of the Capital subfactor score and the bank's low refinancing risk. The principal methodology used for these ratings was Moody's Banks methodology, published in November 2025.