Santander Totta S.A. Covered Bonds (Obrigações Hipotecárias - Mortgages): Surveillance Report

On 16 July 2021, DBRS Ratings GmbH (DBRS Morningstar) confirmed its AA (low) ratings on the Obrigações Hipotecárias (OH; the Portuguese legislative Covered Bonds) issued under the Banco Santander Totta S.A. EUR 12.5 billion OH programme (the Programme). The confirmation follows the completion of a full review of the Programme.

Concurrently, DBRS Morningstar discontinued its rating on Series 16, which matured on 24 February 2021.