...The stable outlook reflects our view that the bank will maintain robust credit quality that will support earnings. It also reflects our expectation that the bank will continue to maintain a good position in U.K. retail banking and maintain a conservative risk profile. We assume Banco Santander will continue to provide ongoing group support, despite our view of uncertain extraordinary group support in a severe stress scenario given its multiple-points-of-entry approach to resolution. This means that we believe the U.K. subgroup is more likely to support itself through the bail-in of its subordinated debt instruments for loss absorption and recapitalization than by relying on group support. We could lower the ratings over our two-year horizon if an uneven post-pandemic economic recovery compromises Santander UK's performance. We could revise the outlook to positive if Santander UK were to materially strengthen its franchise, reaching a level of business and revenue diversification closer...
