We consider Santander Asset Management Investment Holdings Ltd.'s (SAM) recent stable operating performance, and its return to business-as-usual following the terminated merger negotiations with Pioneer Investments (Pioneer) in July 2016, are supportive of our assessment of its business stability and financial risk profile. As such, we now consider SAM's credit profile to be more predictable. We are revising the outlook on SAM to stable from negative and affirming the 'BB/B' counterparty credit ratings. The stable outlook reflects our view that SAM's business stability and leverage metrics will remain commensurate with its current rating level over the next 12 months. On Sept. 21, 2016, S&P Global Ratings revised its outlook to stable from negative on Jersey-based Santander Asset Management Investment Holdings
