Strong position in the U.K. savings and mortgages market, and an improving market position in current accounts. Well-executed strategy to gradually rebalance the business mix and become a full-service retail and commercial business bank. Continued strengthening of the bank's capitalization, and its buffer of liabilities subordinated to senior operating company debt. Lower business diversification than its larger U.K. competitors. Concentrated exposure to the leveraged U.K. household sector. SANTANDER UK GROUP HOLDINGS PLC The stable outlook on Santander UK Group Holdings PLC, the U.K. non-operating holding company (NOHC), reflects our view that the potential for support from its parent, Banco Santander, to the Santander UK group (Santander UK) would maintain the ratings on the U.K. NOHC at their current level over
