The ratings on Santander UK PLC (SanUK) reflect Standard&Poor's Ratings Services' view that SanUK is core to the group headed by Banco Santander SA (AA-/Watch Neg/A-1+). This assessment takes into account SanUK's material size as a proportion of group equity and its good performance when compared to U.K. peers and in a group context. Furthermore, we note the group's willingness to inject capital to further SanUK's growth, and our view that SanUK will continue to play an integral part in the group's strategic push outside its domestic market. The stand-alone credit profile (SACP) of SanUK is 'bbb+'. This is the result of its 'bbb+' anchor, and our view of its "adequate" business position, "moderate" capitalization and earnings, "strong"
