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Abbey National PLC Aug 08
Standard & Poors, Aug 2008
Abstract
Position within the diversified Banco Santander S.A. group Marked efficiency improvements Management developing a good track record of delivering against plans Relatively good asset quality More limited business diversity than larger U.K. peers On Standard & Poor's measures, weaker capitalization than many U.K. and European peers Weak, though much improved, earnings track record The ratings on Abbey National PLC (which operates under the trading name 'Abbey') are based upon its position in the Banco Santander 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, but now on a stronger footing after a period of restructuring and investment following Santander's acquisition. Standard & Poor's Ratings Services is expecting Abbey...
Companies mentioned in this report are: Santander UK PLC,Banco Santander Puerto Rico,Banco Santander S.A.,Banco Espanol de Credito S.A.,Santander Central Hispano Issuances Ltd.,Banco Santander-Chile S.A.,Abbey National Capital Trust I ,Santander BanCorp.,Banco Santander (Brasil) S.A.,Santander Consumer Finance, S.A.,Santander Issuances S.A. Unipersonal,Banco Santander Totta S.A.,Banco Santander (Mexico) S.A. Institucion de Banca Multiple Grupo Financiero Santander,Santander PR Capital Trust I
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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