On Oct. 10, 2012, we lowered our sovereign ratings on Spain to 'BBB-/A-3' from 'BBB+/A-2'. As a result, we lowered the ratings on Spanish Banco Santander S.A. (Santander) to 'BBB/A-2'. We are therefore placing the 'A/A-1' ratings on Santander's U.K.-based subsidiary Santander UK PLC (SanUK) on CreditWatch with negative implications. We expect to resolve the CreditWatch placement on SanUK in the coming weeks, once we conclude our review of the wider implications of the Spanish sovereign downgrade on our view of the stand-alone credit profile (SACP) of Santander. On Oct. 16, 2012, Standard&Poor's Ratings Services placed its 'A' long-term and 'A-1' short-term counterparty credit ratings on Santander UK PLC (SanUK) on CreditWatch with negative implications. The CreditWatch placement
