LONDON (Standard&Poor's CreditWire) April 3, 2000--Following the announcement that Abbey National PLC will acquire Stagecoach Porterbrook Ltd. (Porterbrook), Standard&Poor's today affirmed its double-'A'/'A-1'-plus issuer credit ratings on U.K.-based bank Abbey National and related entities. Abbey National will acquire Porterbrook, one of the three U.K. train rolling stock operating companies, from Stagecoach Holdings PLC (BBB/Stable/A-2). The outlook on Abbey National is stable. Porterbrook provides rolling stock under operating leases to the U.K. train operating companies, and procures heavy maintenance for that rolling stock. Porterbrook will be combined with Abbey National's existing leasing activities. The aim is to build on Abbey National's big-ticket finance leasing activities to give the group a stronger position in the leasing market. Abbey
