IBERSOL | Annual Report 2021

CONSOLIDATED FINANCIAL STATEMENTS as well as existing real guarantees, with adjustments being recognized for impair- ment losses. The Group’s cash and cash equivalents include mainly deposits resulting from cash provided by sales and its deposits in current accounts. Excluding these amounts, the amount of financial investments at 31st December 2021, is not significant, with the exception of the above mentioned Treasury Bonds of the Republic of Angola in the amount of 2.2 million Euros, subject to country risk. Deposits and other financial investments are spread over several credit institutions; therefore, there is not a concentration of these financial assets. As at 31st December 2021 and 2020, the ratings of the major credit institutions where Ibersol Group has its deposits are presented as follows: Year 2021 Year 2020 Agency Deposits Rating Deposits Rating Standard & Poor´s Banco Santander (ES) 426 913 A+ 1 737 653 A Standard & Poor´s Banco Bilbao Vizcaya 761 595 A 822 113 A- Standard & Poor´s La Caixa (ES) 4 687 565 A- 10 289 245 BBB+ Standard & Poor´s Bankinter 411 450 BBB+ Standard & Poor´s Banco BPI 12 020 442 BBB 9 094 167 BBB Standard & Poor´s Banco Santander Totta 28 945 140 BBB 8 222 650 BBB Standard & Poor´s Banco Sabadell (ES) 3 949 056 BBB- 3 129 181 BBB Standard & Poor´s Millenium BCP 29 746 647 BBB- 3 814 145 BBB- Fitch ABANCA (ES) 121 645 BBB- Fitch Banco Popular 1 013 452 A- Moody's Caixa Geral Depósitos 4 881 956 Baa2 2 867 157 Ba1 Moody's Banco Montepio 316 523 B1 474 437 B1 Moody's Novo Banco 4 757 423 B1 4 779 951 Caa2 Fitch BAI (Angola) 235 998 B- Not available (Angola) n/a 2 898 392 n/a 4 229 828 n/a Not available (others) n/a 764 095 n/a 185 382 n/a 95 938 292 49 645 909 362