We are assigning our 'BBB/A-2' long- and short-term issuer credit ratings to Santander UK Group Holdings PLC, the newly formed nonoperating holding company (NOHC) of the Santander UK group. The ratings are based on our view of Santander UK's creditworthiness as one of the largest U.K. retail banks, constrained by the structural subordination of the NOHC's creditors and our doubts that Santander UK Group Holdings PLC would benefit from extraordinary support from the U.K. government, even if this were received by the operating subsidiaries. The ratings on Santander UK PLC remain on CreditWatch negative, where they were placed on Feb. 3, 2015, reflecting our ongoing government support review for the operating companies of U.K. banking groups. The stable outlook on
