On Oct. 15, 2012, we revised the group credit profile (GCP) of Banco Santander S.A. (BBB/Negative/A-2), following a two-notch downgrade of the Kingdom of Spain (BBB-/Negative-A-3). We have reviewed the associated impact of this on our ratings on Banco Santander's U.K. subsidiary, Santander UK PLC (SanUK), including the effect on its stand-alone credit profile (SACP) and the extent to which it may be effectively protected from parental stress. We are affirming the 'A/A-1' ratings on SanUK and removing them from CreditWatch negative, where they were placed on Oct. 16, 2012. The SACP for SanUK is unchanged at 'bbb+'. The negative outlook reflects the possibility of a downward revision of SanUK's SACP, for example if in our view there is a
