Banco Santander Totta has dropped Standard & Poor’s from its covered bond ratings, with the rating agency on Friday affirming at BB+ mortgage covered bonds issued by the Portuguese bank before withdrawing the rating.

S&P said that the rating had been withdrawn at the issuer’s request.

It affirmed its BB+ rating of the obrigações hipotecarias programme, on negative outlook. S&P rates Banco Santander Totta BB, on negative outlook.

Under the rating agency’s methodology, Totta’s covered bonds can be rated four notches higher than the issuer. According to S&P, the level of overcollateralisation provided by the Portuguese issuer was commensurate with a BB+ rating, which is one notch above the issuer credit rating.

Moody’s, Fitch and DBRS rate Banco Santander Totta covered bonds Baa3, BBB, and A (low), respectively.