Strong position in the company's core Iberian and Latin American markets. Exclusive long-term distribution agreement with Banco Santander. Conservative mix of assets under management with a focus on fixed income and money markets. High balance sheet leverage and weak debt service metrics. Modest profitability relative to peers. Relatively weaker franchise in the institutional client segment. Absence of governance and management track record as an independent entity under joint ownership. The stable outlook reflects our expectation that the group's debt service and leverage metrics will remain at levels in line with the current rating over the one-year outlook horizon. We consider that SAM's competitive position in growth markets, distribution reach, and stable business model should, over time, help place its financial
