Fitch Rates Banco Popular's AT1 Preferred Securities 'B-'

(The following statement was released by the rating agency)

BARCELONA, April 22 (Fitch) Fitch Ratings has assigned Banco

Popular Espanol

S.A.'s (Popular) issue of additional tier 1 high trigger

contingent convertible

perpetual preferred securities (AT1) a rating of 'B-'.

KEY RATING DRIVERS

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The notes are AT1 instruments with fully discretionary interest

payments and are

subject to conversion to common equity on a breach of the common

equity tier 1

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