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Alliance & Leicester PLC Oct 08
Standard & Poors, Oct 2008
Abstract
Core to Banco Santander S.A. Relatively strong asset quality underpinned by prime residential mortgage lending Reasonable franchise in U.K. retail and commercial banking Satisfactory capitalization Large write-downs incurred on structured credit investments Margins impaired by new funding model Exposed to U.K. economy and housing market woes The ratings on U.K.-incorporated Alliance & Leicester PLC (A&L) reflect primarily its position as a core entity within the Banco Santander group since its acquisition in mid-October 2008. Santander's ownership provides material support to the ratings on A&L. Standard & Poor's Ratings Services expects A&L to become highly integrated with its larger sister company, Abbey National PLC (AA/Stable/A-1+), which has a similar business model and is likewise core to Santander. A&L is a midsize...
Companies mentioned in this report are: Alliance & Leicester PLC,Banco Santander Puerto Rico,Banco Santander S.A.,Santander UK PLC,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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