Last week, Santander UK released sound first-half earnings, and strengthened its capitalization with the June 2014 issuance of Additional Tier 1 instruments. These developments support our view of the bank's adequate capitalization. We are therefore affirming our 'A/A-1' counterparty credit ratings on Santander UK. The negative outlook continues to reflect the possible removal of extraordinary government support from the long-term counterparty credit rating on Santander UK by year-end 2015. On Aug. 8, 2014, Standard&Poor's Ratings Services affirmed its 'A/A-1' counterparty credit ratings on U.K.-based Santander UK PLC. The outlook is negative. The affirmation reflects our view that Santander UK's sound first-half 2014 results and its issuance in June 2014 of £500 million in Additional Tier 1 (AT1) instruments
