OVERVIEW As part of our ongoing surveillance, we have reviewed our ratings on Santander UK's U.K. mortgage covered bond program and related issuances. The program's available credit enhancement and features remain commensurate with the currently assigned ratings. We have therefore affirmed our 'AAA' ratings on the program and related issuances. The stable outlook indicates that we would not automatically lower our ratings on the covered bonds if we lowered our ratings on Santander UK or on the U.K. LONDON (S&P Global Ratings) Aug. 17, 2016--S&P Global Ratings today affirmed its 'AAA' credit ratings on the €35 billion Santander UK PLC Global Covered Bond Programme and related issuances. The outlook on our ratings is stable. We have conducted a credit and
