Strong position in the U.K. savings and mortgages market, and an improving market position in current accounts. Logical, mainly organic, strategy to rebalance the business mix and become a full-service retail and commercial business bank. Continued strengthening of the bank's capitalization and in the 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 negative outlook on Santander UK reflects the possibility that the build-up of its additional loss-absorbing capacity (ALAC) buffer may fall short of our projections. We could lower the ratings if Santander UK group's issuance of ALAC eligible
