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Rating Action:

Moody's upgrades subordinated ratings of A&L in line with ratings of Santander UK

10 Jun 2010

New York, June 10, 2010 -- Moody's Investors Service has today upgraded all the subordinated debt ratings of Alliance & Leicester (A&L) to align them with the subordinated debt ratings of Santander UK Plc (Santander UK) : senior subordinated debt ratings were upgraded to Baa1 from Baa3, and junior subordinated debt ratings upgraded to Baa2 from Ba2/Ba3. In the same rating action, Moody's has withdrawn A&L's Bank Financial Strength Ratings (BFSR) of E+, its short term debt/deposit ratings of P-1 and affirmed its senior debt ratings at Aa3. All A&L's ratings now carry a negative outlook in line with the ratings outlook of Santander UK.

Today's rating action on A&L's ratings follows the completion of the transfer of A&L's assets and liabilities to Santander UK (Aa3/P-1) under the Part VII transfer scheme of Financial Services and Markets Act 2000. The transfer became effective on 28 May 2010 and Santander UK has now assumed all of A&L's debt and deposit liabilities. Its non-cumulative tier 1 securities - which were rated B1 - were exchanged at par already in April 2010 for similar preference shares issued by Santander UK and at that time had been upgraded to Baa3.

Commenting on the affirmation of the Aa3 senior debt ratings of A&L, Moody's said, that the senior debt ratings of A&L previously benefited from a cross guarantee from Santander UK and are already aligned to the Aa3 senior debt ratings of Santander UK; hence the senior ratings are affirmed with a negative outlook. Furthermore, the BFSR and P-1 short term ratings of A&L will be withdrawn as A&L no longer has an independent banking operation, all its short-term obligations have been closed, and all its other debt obligations have been transferred to Santander UK.

The last rating action on A&L was on 1 March 2010, when the bank's senior ratings were affirmed and its subordinated debt ratings were placed on review for upgrade.

The principal methodologies used in rating this issuer were "Bank Financial Strength Ratings: Global Methodology" (February 2007), "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology" (March 2007) and "Moody's Guidelines for Rating Bank Hybrid Securities and Subordinated Debt" (November 2009), which can be found at www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

Santander UK plc had total assets of GBP285.3 billion as of year-end 2009, and is headquartered in London, U.K. Alliance & Leicester had total assets of GBP109.9 billion as of year-end 2009.

London
Johannes Wassenberg
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Marjan Riggi
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's upgrades subordinated ratings of A&L in line with ratings of Santander UK
No Related Data.
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