Rating

In 2016 Bankinter maintained its investment grade rating (the highest rating level offered by credit rating agencies) in all areas, which facilitates its deposit taking capacity and places it in a privileged position in the market with respect to its size. The good perception of the Bank's capacity to comply with its financial commitments was also confirmed by the improvement of the outlook of the main rating agencies during the year. The changes in the Bank's rating in 2016 are as follows:

• On 6 April, Standard & Poor’s increased the Bank's outlook from stable to positive, as a result of its reduce dependency on short-term financing and the subsequent improvement in its liquidity position. The favourable change in outlook opens up the possibility to an improvement in the rating over the next 18 to 24 months, if there is a confirmed improvement in the liquidity profile and the capital adequacy following the integration of the assets of the Portuguese business. Accordingly, S&P confirmed the BBB- and A-3 ratings for long- and short-term issues, respectively.

• On 11 July, DBRS increased the outlook for long-term debt from stable to positive. At the same time, the BBB (high) rating for long-term operations and the R-1 (low) rating for short-term operations was confirmed. The agency's assessments highlighted the Bank's reduction in wholesale financing and its solid position as a medium-sized bank with one of the best quality asset profiles, a profitable main business and a robust level of capital.

Bankinter holds at least one meeting per year with each of the rating agencies. At these meetings, in which the Bank's senior management participate, the Bank's situation and prospects are reviewed, making special mention of its business model, financing structure and risk policy.