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Abbey National PLC Jul 07
Standard & Poors, July 2007
Abstract
Position within the diversified Santander group Good asset quality Marked efficiency improvements More limited business diversity than larger U.K. peers Very weak earnings track record Ongoing transformation challenges The ratings on Abbey National PLC--which operates under the trading name 'Abbey'--are based upon its position in the Banco Santander Central Hispano, S.A. group (Santander; AA/Stable/A-1+), and its solid business and financial profile. Abbey's business diversity is more modest than larger U.K. peers and its earnings track is very weak by comparison, but henceforth Standard & Poor's Ratings Services is expecting Abbey to perform well. Acquired by Santander in 2004, Standard & Poor's considers that Abbey is now making sound progress to improve business flows and earnings measures, after several years of...
Companies mentioned in this report are: Santander UK PLC,Banco Santander Puerto Rico,Banco Santander S.A.,Banco Espanol de Credito S.A.,Banco Santander-Chile S.A.,Santander BanCorp.,Banco Santander (Brasil) S.A.,Santander Consumer Finance, S.A.,Santander Totta SGPS,Banco Santander Totta S.A.,Banco Santander (Mexico) S.A. Institucion de Banca Multiple Grupo Financiero Santander
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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