OREANDA-NEWS. S&P Global Ratings today affirmed its 'AAA' credit ratings on the €35 billion Santander UK PLC Global Covered Bond Programme and related issuances. The outlook on our ratings is stable.

We have conducted a credit and cash flow analysis based on our criteria for rating U. K. residential mortgage-backed securities, and our covered bonds criteria (see "U. K. RMBS Methodology And Assumptions," published on Dec. 9, 2011, and "Covered Bonds Criteria," published on Dec. 9, 2014).

Based on our credit and cash flow results, we consider that the overcollateralization available to support Santander UK's mortgage covered bond program is commensurate with our 'AAA' ratings on the program and related issuances.

There are no rating constraints related to counterparty, legal, country, or administrative and operational risks.

The stable outlook on our ratings on the covered bonds indicates that we would not automatically lower the ratings on the covered bonds if we were to lower our long-term issuer credit rating on Santander UK or our long-term rating on the U. K. We could, however, lower the ratings if the credit enhancement required for the ratings were higher than the credit enhancement available.