Fitch reviews Santander UK, Abbey National

Fitch Ratings said it placed Santander UK plc and its subsidiary, Abbey National Treasury Services plc's A long-term issuer default ratings and derivative counterparty ratings on rating watch positive.

San UK's Viability Rating and the ratings assigned to Santander UK’s and Abbey National’s subordinated debt are unaffected by the rating action.

Fitch said the positive watch reflects its view that Santander UK's and Abbey National’s external senior creditors will receive additional protection when the terms of the senior debt received by Santander UK from its parent holding company, Santander UK Group Holdings plc (holdco; A/stable/a/), are amended so that the debt becomes junior to Santander UK's external senior obligations.

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