Santander Asset Management (SAM) has announced an exclusive agreement to merge with Pioneer Investments subject to agreement on final terms and regulatory approvals. We are placing our 'BB' long-term rating on SAM on CreditWatch with negative implications. The CreditWatch placement reflects the risk of SAM materially re-leveraging to finance the transaction and the strategic uncertainties associated with a large transformational merger. On April 27, 2015, Standard&Poor's Ratings Services placed its 'BB' long-term counterparty credit rating on Jersey-based Santander Asset Management Investment Holdings Ltd. (SAM) on CreditWatch with negative implications. We also placed our issue ratings on the company's senior secured debt on CreditWatch with negative implications. The proposed merger between SAM and Pioneer Investments has the potential to
