Strong position in the U.K. savings and mortgages market, and an improving market position in current accounts. Well-executed strategy to gradually rebalance the business mix and become a full-service retail and commercial business bank. Continued strengthening of the bank's capitalization, and its buffer of liabilities subordinated to senior operating company debt. Lower business diversification than its larger U.K. competitors. Concentrated exposure to the leveraged U.K. household sector. Comparatively weaker creditworthiness of the Kingdom of Spain, where its parent is domiciled. The stable outlook on Santander UK reflects our expectation of continued gradual strengthening in capitalization over the next two years and the continued issuance of a material buffer of senior debt at the holding company level. We could lower the
