Blow for Santander UK as it faces a reduction in credit rating by Moody's
Friday 29 June 2012
The British arm of Spanish banking giant Santander yesterdayday suffered a blow as it faced a downgrade by a leading credit-ratings agency.
Moody's warned that it had placed the deposit and debt ratings "on review" because of the pressure on the parent companym, Banco Santander, whose own ratings have already been reduced.
"Santander UK will no longer benefit from any uplift from parental support," said Moody's.
Santander UK, one of the "big five" high street players along with Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland, could face higher costs as a result of Moody's decision.
The Spanish group has snapped up a string of British banks including Abbey, Alliance & Leicester, and Bradford & Bingley in recent years during the credit crunch.
- 1 Kermit the Frog has a new girlfriend named Denise
- 2 The excuses your boss is most likely to believe when you call in sick
- 3 Moscow voted the world's unfriendliest city
- 4 I'm pansexual – here are the five biggest misconceptions about my sexuality
- 5 More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
The one chart that shows how George Osborne is almost certainly going to be our next Prime Minister
The excuses your boss is most likely to believe when you call in sick
Three-year-old ultra-Orthodox Jewish children told 'the non-Jews' are 'evil' in worksheet produced by London school
Bono's group has made more money from Facebook investment than from all his music
Wikipedia rocked by 'rogue editors' blackmail scam targeting small businesses and celebrities
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
iJobs Money & Business
£14000 - £16000 per annum: Recruitment Genius: This company was established in...
£20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...
£20000 - £25000 per annum + competitive: SThree: SThree are a global FTSE 250 ...
£20000 - £25000 per annum: Recruitment Genius: We are a vibrant and establishe...