The ratings on Abbey National PLC (A+/Positive/A-1)--which operates under the trading name "Abbey"--are supported by its position in the Banco Santander Central Hispano S.A. group (Santander; A+/Positive/A-1), its ongoing refocus on its core retail financial services competencies, buoyant retail asset quality, good liquidity, and expected benefits from its cost and efficiency programs. The ratings are constrained by the continued restructuring, and the expectation that core retail profits will take time to improve. Santander acquired Abbey in November 2004, and although integration is not complete, Abbey is considered to be a core part of the Santander group given its importance to the credibility of Santander's geographic diversification strategy. The acquisition is speeding up efforts to rebuild the retail franchise, but there
