We placed our 'BB/B' long- and short-term counterparty credit ratings on Jersey-based Santander Asset Management Holdings Ltd. (SAM) on CreditWatch with positive implications on Dec. 8, 2016. This followed the announcement by Banco Santander that it had reached an agreement to buy back the remaining 50% stake in SAM from private equity owners Warburg Pincus and General Atlantic. We are maintaining our CreditWatch positive placement on the ratings on SAM and its senior secured debt, pending completion of the transaction. The CreditWatch placement reflects our view that there is an increased likelihood that SAM could have greater strategic importance to Banco Santander after the transaction is completed, and that the integration of SAM within the higher-rated Santander group suggests that
