Santander intends to restructure its U.K. operations under Santander UK PLC, facilitated by a recent capital injection. We have affirmed the ratings on Santander UK PLC. The negative outlook mirrors that on its parent, Banco Santander S.A., reflecting our expectation that Santander UK PLC will remain a core subsidiary. On Sept. 14, 2010, Standard&Poor's Ratings Services affirmed its 'AA/A-1+' long- and short-term counterparty credit ratings on Santander UK PLC (Santander UK). The outlook is negative, in line with that on its ultimate parent, Banco Santander S.A. (Santander; AA/Negative/A-1+). Santander UK PLC (AA/Negative/A-1+) announced on Aug. 4, 2010, that Santander, through a wholly owned subsidiary, had provided it with £4.5 billion of new equity capital. The capital will be
