Strong position in the U.K. savings and mortgages market, and an improving market position in personal current accounts. Logical, organic strategy to rebalance the business mix and become a full service U.K. retail and commercial business bank. Satisfactory funding, liquidity, and capitalization by our measures. Lower business diversification than its larger U.K. competitors. Concentrated exposure to the leveraged U.K. household sector. A lower-rated ultimate parent (though we did upgrade Banco Santander S.A. in June 2014 and the current outlook on the long-term rating is stable). The CreditWatch placement of the ratings on Santander UK PLC (SanUK) reflects our view that extraordinary government support is becoming less predictable for operating companies of systemically important U.K. banking groups. If we recategorize the
