Fitch Rates Santander UK Group Holdings plc's EMTN Programme 'A'/'F1'

OREANDA-NEWS. Fitch Ratings has assigned Santander UK Group Holdings plc's (SGH) new EMTN programme a long-term rating of 'A' and a short-term rating of 'F1'. The ratings apply only to the issuance of senior unsecured notes and represent senior programme ratings. It should be noted that not all notes under the programme will be rated.

KEY RATING DRIVERS
The senior programme ratings are aligned with SGH's Long- and Short-term Issuer Default Ratings (IDRs) of 'A' and 'F1', respectively. Fitch views the likelihood of default on any given senior unsecured obligation as the same as the likelihood of default on SGH, because default on any material class of senior unsecured obligations would be treated by Fitch as a default of the entity.

RATING SENSITIVITIES
The senior debt ratings of the programme are sensitive to changes in SGH's Long- and Short-term IDRs.