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Moody's changes outlook on Santander UK's ratings

Moody's on Jan. 8 affirmed the Aa3 long-term deposit and senior unsecured debt ratings of Banco Santander SA unit Santander UK PLC, and revised the outlook on the ratings to positive from stable.

The outlook change reflects the bank's expected issuance plans given its informative MREL target of 27.2% of risk-weighted assets, which if confirmed will provide additional protection for the bank's senior unsecured debt and deposits.

At the same time, the agency also affirmed Santander UK's "a3" baseline credit assessment and adjusted baseline credit assessment, Aa2 long-term counterparty risk ratings, Prime-1 short-term counterparty risk ratings, Aa2(cr) long-term counterparty risk assessment, Prime-1(cr) short-term counterparty risk assessment, and Prime-1 short-term deposit ratings.