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Alliance & Leicester PLC Sep 09
Standard & Poors, Sep 2009
Abstract
Core entity to Banco Santander group. Unsubordinated obligations benefit from the financial strength of Abbey National via cross-guarantee. Satisfactory business diversity across U.K. retail and commercial banking. Improving efficiency under Abbey stewardship. Asset quality is being tested by the weak U.K. economic environment. Weaker record of profitability than peers. The ratings on U.K.-incorporated Alliance & Leicester PLC (A&L) reflect primarily its position as a core entity within the Banco Santander group. In addition, unsubordinated obligations are supported directly by the cross-guarantee with immediate parent Abbey National PLC (Abbey; AA/Negative/A-1+), into which A&L is becoming increasingly integrated. While we consider that A&L's financial performance will improve over the medium term, we note the near-term challenge to asset quality from the adverse...
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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