S&P Global Ratings assigned credit rating to Santander Financial Services plc
On 12 May 2021, S&P Global Ratings assigned its 'A-' long- and 'A-2' short-term issuer credit ratings to Santander Financial Services plc (SFS). The outlook has been considered negative mirroring that of Santander UK Group Holdings plc, reflecting the economic and market effects of the Covid-19 pandemic.
“The ratings on SFS reflect our view that it is a highly strategic subsidiary of Santander UK [Group Holdings plc]. We consider SFS' materiality, important role in the parent's strategy, and close link to the group's brand and reputation. In our view, these factors increase its strategic importance to the group and the likelihood of receiving financial support in case of need.” S&P Global Ratings, May 12 2021, Research Update