The ratings on Abbey National PLC (which operates under the trading name "Abbey") are based upon its position in the Banco Santander S.A. group (Santander; AA/Stable/A-1+), and its solid business and financial profile. Abbey's business diversity is more modest than larger U.K. peers, but now on a stronger footing after a period of restructuring and investment following Santander's acquisition. Standard&Poor's Ratings Services is expecting Abbey to perform well henceforth. Acquired by Santander in 2004, Standard&Poor's considers that Abbey continues to make sound progress to improve business flows and earnings measures, after several years of upheaval. Standard&Poor's considers Abbey to be core to Santander given its importance to the credibility of Santander's geographic diversification strategy
