We believe the prospect of extraordinary government support for U.K. banks is now uncertain in view of the country's well-advanced and effective resolution regime. We are therefore removing the two notches of uplift that we had previously incorporated in the long-term counterparty credit rating on Santander UK for government support. However, we are including two notches in the long-term rating because we consider that Santander UK is likely to increase its additional loss-absorbing capacity (ALAC) above our 8% threshold within a two-year projection period. We are affirming the long- and short-term counterparty credit ratings on Santander UK PLC at 'A/A-1', and removing these ratings from CreditWatch with negative implications, where they were placed on Feb. 3, 2015. The negative outlook
