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Moody’s ups Santander UK deposit to Aa3
Moody's Investors Service said it upgraded Santander UK plc's long-term deposit rating to Aa3 from A1 and affirmed the issuer rating at A1.
At the same time, the agency affirmed all the other ratings and the counterparty risk assessment (CR Assessment) of the bank and its holding company at the current level. The standalone baseline credit assessment (BCA) of a3 is unchanged as a result of this action.
Moody’s said the upgrade of the long-term deposit rating to Aa3 from A1 and the affirmation of the issuer rating at A1 are based on the bank's BCA of a3 and the results of Moody's Advanced Loss Given Failure (LGF) analysis.
Taking account of the group's consolidated balance sheet structure at end-2015 and its near term funding plan, the agency's LGF analysis indicates that Santander UK’s deposits are likely to face very low loss-given failure, due to the loss absorption provided by subordinated debt and, potentially, by senior unsecured debt should deposits be treated preferentially in a resolution, as well as the substantial volume of deposits and senior debt themselves, the agency said.
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