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Abbey National PLC Jul 05
Standard & Poors, July 2005
Abstract
Position within the diversified Santander group; Expected operational improvements should underpin retail financial services profitability; Good quality residential mortgage loan book; and Solid liquidity. Continued transformation and integration challenges; Market shares are still below historic stock shares; Core capitalization is still low; and Weak profitability compared with peers is expected to persist in 2005 as restructuring continues. The ratings on Abbey National PLC (A+/Positive/A-1)--which operates under the trading name 'Abbey'--are supported by its position in the Banco Santander Central Hispano S.A. group (Santander; A+/Positive/A-1), its ongoing refocus on its core retail financial services competencies, buoyant retail asset quality, good liquidity, and expected benefits from its cost and efficiency programs. The ratings are constrained by the continued restructuring, and the expectation...
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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