...Strong Standalone Profile: The Viability Rating (VR) on Santander UK Group Holdings plc (SGH) reflects the group's low risk appetite, strong funding and liquidity, adequate capitalisation and the benefits of being an important part of the Santander group (Banco Santander, S.A.; A-/Stable). The VR also reflects SGH's less diversified business model, which focuses on UK retail. RWP Reflects Down-streamed Debt Buffer: The Rating Watch Positive (RWP) on the IDRs and senior debt ratings of SGH's main operating bank, Santander UK plc (San UK) and its subsidiary Abbey National Treasury Services plc (ANTS), reflects the large volumes of senior and Tier 2 and AT1 instruments issued so far by SGH and down-streamed to San UK . Once sufficient internally down-streamed qualifying junior debt (QJD) and senior debt is in place, we expect to upgrade San UK and ANTS' IDRs by one notch to 'A+'. San UK's VR is unaffected. Strong Asset Quality: San UK's mortgage portfolio is of high quality and largely focused...
