Moody's may cut Santander UK

Moody's Investors Service said it placed on review for downgrade Santander UK's long- and short-term A2/P-1 bank deposit and senior debt ratings and the stand-alone bank financial strength rating of C- (equivalent to a baa1 standalone credit assessment).

In addition, Moody's downgraded by one notch Santander UK's dated subordinated debt ratings, the junior subordinated debt ratings and the preference shares ratings to Baa2, Baa3(hyb) and Baa3/Ba1(hyb), respectively.

Moody's said the review of Santander UK's ratings follows Moody's downgrade of the bank deposit and senior debt ratings of Santander UK's parent (Banco Santander SA) to Baa2/P-2 and of its stand-alone credit assessment to baa2, all on review for downgrade.

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