Reuters: Financial Services and Real Estate: TEXT-S&P cuts Santander UK LT rating & affirms ST;outlook stable

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TEXT-S&P cuts Santander UK LT rating & affirms ST;outlook stable Apr 30th 2012, 10:38 Mon Apr 30, 2012 6:38am EDT Apr 30 - Overview -- We consider that U.K.-based bank Santander UK PLC (SanUK) is less affected than its parent, Banco Santander S.A. (Santander), by the downgrade of the Kingdom of Spain (BBB+/Negative/A-2) on April 26, 2012. -- Therefore, while we lowered the counterparty credit ratings on Spanish bank Santander to 'A-/A-2' from 'A+/A-1', we are only lowering our long-term rating on SanUK to 'A' from 'A+' and affirming our 'A-1' short-term rating. -- We are lowering our issue ratings on SanUK's dated subordinated instruments to 'BBB' from 'A-', and our issue ratings on its hybrid instruments to 'BBB-' from 'BBB'. -- The stable outlook on the counterparty credit ratings reflects our view that SanUK's stand-alone credit profile is likely to remain resilient despite moderate earnings pressures in 2012. It further reflects that we would not expect to downgrade SanUK if the ratings on Santander were lowered by a further notch. Rating Action On April 30, 2012, Standard & Poor's Ratings Services lowered its long-term counterparty credit rating on Santander UK PLC (SanUK) to 'A' from 'A+'. At the same time, we affirmed the 'A-1' short-term counterparty credit rating. The outlook is stable. We lowered our issue ratings on SanUK's dated subordinated instruments to 'BBB' from 'A-'. We also lowered our issue ratings on SanUK's hybrid instruments to 'BBB-' from 'BBB'. Link this Share this Digg this Email Reprints

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