Strong position in U.K. retail banking. Well-executed strategy to gradually rebalance the business mix and become a full-service retail and commercial bank. Relatively cautious pace of credit growth. Lower diversification than its larger U.K. competitors. Concentrated exposure to the leveraged U.K. household sector. SANTANDER UK GROUP HOLDINGS PLC The stable outlook on Santander UK Group Holdings PLC, the U.K. non-operating holding company (NOHC), reflects our view that the potential for support from its parent, Banco Santander S.A., to the Santander UK group (Santander UK) would keep the ratings on the U.K. NOHC at the current level over our two-year outlook horizon even if our assessment of Santander UK's intrinsic creditworthiness weakened. This takes into consideration Banco Santander's higher unsupported group
