Fitch upgrades Banco Santander long-term rating to A+

Banco Santander, S.A. reports that Fitch Ratings has upgraded its long-term rating from A to A+, with a stable outlook, while affirming its short-term rating at F1.

Rhea-AI Filing Summary

Banco Santander, S.A. reports that Fitch Ratings has upgraded its long-term rating from A to A+, with a stable outlook, while affirming its short-term rating at F1. The long-term ratings of key subsidiaries, including Santander Totta and several Santander Consumer entities, were also raised from A to A+ with stable outlooks and F1 short-term ratings affirmed. In addition, Santander Totta’s long-term deposit rating was upgraded from A+ to AA-, and its short-term deposit rating from F1 to F1+, signalling stronger assessed credit quality for that subsidiary.

Positive

• Fitch Ratings upgraded Banco Santander’s long-term rating from A to A+ with a stable outlook, indicating improved assessed credit strength.
• Santander Totta’s long-term deposit rating was raised from A+ to AA-, and its short-term deposit rating from F1 to F1+, enhancing its standing as a deposittaker.

Negative

• None.

Insights

Credit ratings analyst

Fitch’s upgrades improve Santander’s assessed credit quality and funding profile.

Fitch Ratings raised Banco Santander’s long-term rating from A to A+ with a stable outlook and affirmed its F1 short-term rating. Several core subsidiaries received the same long-term upgrade, reinforcing the group’s consolidated credit profile.

Santander Totta’s long-term deposit rating moved from A+ to AA-, and its short-term deposit rating from F1 to F1+. Higher deposit ratings can support access to wholesale and retail funding on more attractive terms, though actual pricing effects depend on market conditions and investor demand.

The stable outlook indicates Fitch does not, at this time, anticipate near-term rating changes based on its current view. Future rating actions will depend on how Santander’s financial performance, asset quality and capital evolve relative to Fitch’s criteria.

Key Figures

Santander long-term rating: A to A+ Santander short-term rating: F1 Subsidiaries long-term rating: A to A+ +3 more

6 metrics

Santander long-term rating A to A+ Upgraded by Fitch Ratings, outlook stable

Santander short-term rating F1 Affirmed by Fitch Ratings

Subsidiaries long-term rating A to A+ Santander Totta and key Consumer entities upgraded

Santander Totta long-term deposits A+ to AA- Deposit rating upgrade by Fitch

Santander Totta short-term deposits F1 to F1+ Short-term deposit rating upgrade

Rating action date 13 May 2026 Date of reported Fitch rating actions

Key Terms

long-term rating, short-term rating, Outlook is stable, deposit rating, +1 more

5 terms

long-term rating financial

"action has been taken on Santander’s long-term rating, upgrading it from A to A+"

short-term rating financial

"Outlook is stable. Short-term rating is affirmed at F1."

Outlook is stable financial

"upgrading it from A to A+. Outlook is stable."

deposit rating financial

"Santander Totta’s long and short-term deposits ratings have been upgraded from A+ to AA-, and from F1 to F1+."

F1 financial

"Outlook is stable. Short-term rating is affirmed at F1."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What rating change did Fitch make for Banco Santander (SAN)?

Fitch Ratings upgraded Banco Santander’s long-term rating from A to A+ with a stable outlook. The short-term rating was affirmed at F1, reflecting continued strong short-term credit quality alongside the improved long-term assessment.

How did Fitch’s review affect Banco Santander’s main subsidiaries?

Fitch upgraded the long-term ratings of Santander’s subsidiaries Banco Santander Totta, Santander Consumer Finance, Santander Consumer Bank AG and Santander Consumer Bank AS from A to A+. Their outlooks are stable and short-term ratings remain affirmed at F1 after the review.

What changes did Fitch make to Santander Totta’s deposit ratings?

Santander Totta’s long-term deposit rating was upgraded from A+ to AA-, and its short-term deposit rating from F1 to F1+. These higher deposit ratings signal Fitch’s stronger view of the bank’s ability to honor its deposit obligations.

What is the outlook on Banco Santander’s new Fitch rating?

The outlook on Banco Santander’s upgraded long-term rating of A+ is stable. A stable outlook means Fitch currently expects the rating to remain at this level, absent significant changes in Santander’s credit fundamentals or operating environment.

Does this Banco Santander 6-K involve a securities offering?

No. The 6-K explicitly states that the document and its information do not constitute an offer to sell or a solicitation to buy any securities. It is solely a communication of Fitch’s rating actions on Banco Santander and its subsidiaries.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 6-K: How Foreign Companies Report to the SEC →

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Accepted by SEC EDGAR 05/13/2026 - 10:06 AM Learn about SEC filing dates

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of May, 2026

Commission File Number: 001-12518

Banco Santander, S.A.

(Exact name of registrant as specified in its charter)

Ciudad Grupo Santander

28660 Boadilla del Monte (Madrid) Spain

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F X Form 40-F

Banco Santander, S.A.

TABLE OF CONTENTS

Item
1	Report of Other Relevant Information dated May 13, 2026

Item 1

Banco Santander, S.A. (“Santander” or the “Bank”), in compliance with the Securities Market legislation, hereby communicates the following:

OTHER RELEVANT INFORMATION

As part of Fitch Ratings (“Fitch”) methodology review, action has been taken on Santander’s long-term rating, upgrading it from A to A+. Outlook is stable. Short-term rating is affirmed at F1.

The long-term rating of Santander subsidiaries, Banco Santander Totta, S.A. (“Santander Totta”), Santander Consumer Finance, S.A., Santander Consumer Bank AG and Santander Consumer Bank AS has also been upgraded from A to A+. Outlook is stable. Short-term rating is affirmed at F1.

Santander Totta’s long and short-term deposits ratings have been upgraded from A+ to AA-, and from F1 to F1+.

Boadilla del Monte (Madrid),13 May 2026

IMPORTANT INFORMATION

Not a securities offer

This document and the information it contains does not constitute an offer to sell nor the solicitation of an offer to buy any securities.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			Banco Santander, S.A.
Date:	May 13, 2026		By:	/s/ Pedro de Mingo Kaminouchi
				Name:	Pedro de Mingo Kaminouchi
				Title:	Head of Corporate Compliance