S&P affirms Santander

S&P said it affirmed its BBB/A-2 long- and short-term issuer credit ratings on Santander UK Group Holdings plc.

The outlook is stable.

At the same time, the agency affirmed the A/A-1 ratings on Santander UK plc.

S&P said the affirmations follow a review of Santander’s credit profile.

“We believe the bank's good position in U.K. retail banking, stable earnings, and conservative risk profile underpin its creditworthiness at the current rating level,” the agency said in a news release.

“However, Santander UK's franchise and market shares in business and commercial banking lag some of its closest domestic peers, which leads to higher revenue concentrations.”

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