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Santander UK rating goes down to A2

Moody’s has downgraded Santander UK and 16 Spanish banks, including Santander parent Banco Santander, due to concerns about their creditworthiness and the Spanish government’s ability to provide support.

Santander UK’s rating fell one level to A2, while Banco Santander’s rating was cut by two to A3.

Five Spanish banks saw their ratings cut by one notch by the ratings agency, three saw their ratings cut by two notches and nine banks by three notches.

Meanwhile, Santander UK last week launched a £2.25bn residential mortgage-backed securitisation, which will be issued via the Fosse securitisation vehicle.

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