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Scottish Mutual Assurance PLC Feb 05 Product Image

Scottish Mutual Assurance PLC Feb 05

  • ID: 1712726
  • February 2005
  • Region: Scotland
  • Standard & Poors

FEATURED COMPANIES

  • Banco Santander S.A.
  • Banesto Issuances Ltd.
  • RL LA Ltd.
  • Santander BanCorp.
  • Santander Totta SGPS
  • Santander UK PLC
  • MORE

Abstract
Implicit support from Abbey National PLC; and Improved stand-alone risk profiles of Scottish Mutual Assurance PLC and Scottish Provident Ltd. Weak competitive position; and Uncertain long-term strategy of Scottish Mutual Assurance PLC. The ratings on U.K.-based insurers Scottish Mutual Assurance PLC (SMA) and Scottish Provident Ltd. (SPL) reflect the implicit support that Abbey National PLC (Abbey; A+/Stable/A-1) will continue to provide to the companies following Abbey's acquisition by Banco Santander Central Hispano, S.A. (Santander; A+/Stable/A-1), and the improved stand-alone risk profiles of SMA and SPL. These positive factors are offset by the companies' weak competitive position and the uncertain long-term strategy of SMA. Standard & Poor's expects Santander, through Abbey, to continue supporting SMA and SPL in order to maintain...

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

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