LONDON (Standard&Poor's) Feb. 26, 2010--Standard&Poor's Ratings Services today commented on the plans announced by Santander UK PLC (AA/Negative/A-1+) to reorganize its operations. Santander UK has said that, subject to receipt of the necessary approvals, it intends to transfer materially all of the business of its subsidiary, Alliance&Leicester PLC (A&L, AA/Negative/A-1+), to Santander UK later this year. The counterparty credit ratings on Santander UK and A&L are unaffected by the announcement. The transfer would be enacted under the legal process set out in Part VII of the Financial Services&Markets Act 2000 (FSMA), which requires regulatory support and Court approval. This reorganization is taking place within the wider context of Santander UK's existing plan
