Santander UK downgraded

The credit ratings agency Moody's has downgraded 16 Spanish banks including Santander UK. It is the first British high street bank to be downgraded this year since the Euro crisis. The firm insists this has no impact on its UK business.

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Santander UK had reassured that it was autonomous from parent company

Santander UK has become the first British high street bank to have its credit rating downgraded because of the recent trouble in the eurozone. This comes despite their reassurances on Tuesday:

Santander operates under a subsidiary model.

This means that Santander UK plc is completely autonomous from its Spanish parent company.

This structure acts as a firewall to prevent problems within one part of the group spreading to other units in the event of financial difficulties

– Santander UK spokesman, Speaking on May 15

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