S&P ups, withdraws Santander Asset Management

S&P said it raised its long- and short-term issuer credit ratings on Santander Asset Management Investment Holdings Ltd. to BBB+/A-2 from BB/B and removed them from CreditWatch with positive implications.

The agency then withdrew the ratings at the issuer's request.

At the time of the withdrawal, the outlook was stable.

S&P said the upgrade reflects an upward revision of the financial risk profile to minimal from aggressive, following the company's repayment of all outstanding debt and Banco Santander SA's share buyback of the remaining 50% stake in Santander Asset Management.

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