The ratings on Abbey National PLC (which operates under the trading name "Abbey") are supported by its U.K. savings and residential mortgage market positions, its ongoing refocus on its core retail financial services competencies, buoyant retail asset quality, good liquidity, expected benefits from its cost and efficiency programs, measures to reduce its risk profile, and its position within the Banco Santander Central Hispano S.A. group (Santander; A+/Stable/A-1). The ratings are constrained by the continued restructuring burden, and the expectation that the upturn in core retail profits will take some time to come through. Abbey was acquired by Santander in November 2004 and is considered to be an extremely strategically important part of the Santander group. The acquisition is likely to
