On Nov. 16, 2016, Banco Santander announced that it had reached an agreement to buy back the remaining 50% stake in Santander Asset Management Investment Holdings Ltd. (SAM) from Warburg Pincus and General Atlantic, subject to the customary regulatory approvals. The integration of SAM within the higher-rated Santander group suggests that SAM could be more likely to receive support if it fell into financial difficulty. We are therefore placing our 'BB/B' long- and short-term ratings on SAM on CreditWatch with positive implications. We are also placing our 'BB' senior secured debt rating on CreditWatch positive. The CreditWatch reflects an increased likelihood that we might assess SAM as being of greater strategic importance to Banco Santander after the transaction is completed.
