We are assigning a 'BB' long-term counterparty credit rating to Santander Asset Management Investment Holdings Ltd., the Jersey-incorporated holding company of asset manager Santander Asset Management. We are also assigning 'BB' issue ratings to the three tranches of the proposed senior secured term loan B issued by SAM Finance Lux S.A.R.L. All three tranches are guaranteed by Santander Asset Management Investment Holdings Ltd. The stable outlook reflects our expectation that the group's debt service and leverage metrics will remain at levels in line with the current rating over the one-year outlook horizon. On Nov. 11, 2013, Standard&Poor's Ratings Services assigned its 'BB' long-term and 'B' short-term counterparty credit ratings to Santander Asset Management Investment Holdings Ltd., the Jersey-incorporated
