Strong position in the U.K. savings and mortgages market. Logical, organic strategy to rebalance the business mix and become a full service retail and commercial business bank. Satisfactory funding, liquidity, and capital. Lower business diversification than its larger U.K. competitors. Concentrated exposure to the leveraged U.K. household sector. Residual risk of potential contagion from the wider Santander group. Standard&Poor's Ratings Services' negative outlook on Santander UK PLC (SanUK) reflects the negative "trend" that we see for U.K. banking industry risk. We could consequently lower the ratings if we revised our view of U.K. banking industry risk, as this would affect SanUK's anchor and so its SACP. A revision back to a stable outlook would consequently only follow if
