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
