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Abbey National PLC Sep 09
Standard & Poors, Sep 2009
Abstract
Core position in Banco Santander group. Improved market position following acquisition of Alliance & Leicester PLC. Improved track record of profitability. Relatively good asset quality. More limited scale and business diversity than larger U.K. peers. Asset quality that is challenged by the weak U.K. economic environment. Capitalization that is weaker than highly rated European peers. The ratings on Abbey National PLC (Abbey) are based on its position in the Banco Santander group (Santander; AA/Negative/A-1+), and its solid business and financial profile. Standard & Poor's Ratings Services believes that Abbey's business diversity and market position have improved following Santander's October 2008 acquisition of Alliance & Leicester PLC (A&L; AA/Negative/A-1+), but remains more limited than the top tier of U.K. banking peers....
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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