Research Update: Banco Santander S.A. And Core Subs Ratings Lowered To 'A+/A-1' On Spain Downgrade And BICRA Revision; Outlook Negative Feb 12
- Language: English
- Published: February 2012
- Region: Spain
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...
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Research Type: Full Analysis
- Scottish Mutual Assurance Ltd.
- Banco Santander Puerto Rico
- Banesto Issuances Ltd.
- Banco Santander S.A.
- Abbey National Treasury Services PLC
- Santander UK PLC
- Banco Espanol de Credito S.A.
- Santander Central Hispano International Ltd.
- Santander Central Hispano Issuances Ltd.
- BCH Financial Services Ltd.
- RL LA Ltd.
- SPI Finance PLC
- Banco Santander-Chile S.A.
- BCH International Finance, Ltd.
- Abbey National Treasury International Ltd.
- Abbey National Capital Trust I
- Banco Santander Brasil S.A.
- Santander BanCorp.
- Impala Loan Company 1 Ltd.
- Banco Santander (Brasil) S.A.
- Banco do Estado de Sao Paulo S.A.
- Abbey National Capital Trust II
- Santander Issuances S.A. Unipersonal
- Santander International Debt, S.A. Unipersonal
- Santander Totta SGPS
- Banco Santander Totta S.A.