Summary: Santander Consumer Finance, S.A. Apr 07

Standard & Poors, April 2007

Abstract
The ratings on Santander Consumer Finance, S.A. (SCF) reflect the bank's full ownership by and integration within Banco Santander Central Hispano, S.A. (Santander; AA/Stable/A-1+), with which it shares brand name and image. SCF's core status within Santander is further supported by its important 16% contribution to the attributable profit of Santander's Continental European banking division, which, in turn, represented 51% of the group's 2006 total attributable profit. SCF's strategy to build a Pan-European consumer finance franchise is instrumental for Santander's European ambitions. Building on its well-established presence in Germany, Spain, and Italy (where SCF commands market shares of 16%, 26%, and 7%, respectively, in auto financing), the bank has grown to become one of Europe's largest consumer finance providers. SCF...

Companies mentioned in this report are: Santander Consumer Finance, S.A.
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Santander Consumer Finance, S.A.

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