LONDON (Standard&Poor's) July 10, 2012--Standard&Poor's Ratings Services said today that its ratings and outlook on Santander UK PLC (SanUK; A/Stable/A-1) are unaffected by SanUK's announced offer on July 3, 2012 to repurchase nine of its dated subordinated instruments and the 8.963% non-cumulative trust preferred securities of Abbey National Capital Trust I (together "the tender offer securities"). By executing the tender offer, SanUK aims to enhance the quality of its capital structure through the generation of core Tier 1 capital, in anticipation of the regulatory changes that are likely to arise through the implementation of Basel III. SanUK intends to buy back up to £1.5 billion of securities in aggregate and the transaction is expected to close
