Moody's Investor's Service has today changed to stable from negative Santander Consumer Finance S.A.'s (SCF) Baa2 long-term senior debt and deposit ratings. Concurrently, Moody's affirmed the long-term ratings. The change in outlook and affirmation of the Baa2 ratings follow the affirmation of the bank's standalone bank financial strength rating (BFSR) at C- (equivalent to a baa2 baseline credit assessment (BCA)) with a stable outlook. The bank's short-term ratings were affirmed at Prime-2. The change in outlook of SCF's debt and deposit ratings to stable from negative reflects: (1) the stable outlook of its standalone rating, (2) the stable outlook of its parent Banco Santander S.A's ratings (Baa2, C-/baa2), as well as (3) the stable outlook of Spain's Baa3 government rating. The change in outlook of SCF's standalone C- BFSR to stable from negative, which prompted the change in outlook on the long-term ratings, reflects Moody's view that the downside risks to the bank's standalone creditworthiness have substantially decreased. Moody's considers that SCF's stabilising asset-quality indicators and strong earnings diversification will enable it to offset pressures arising from the modest growth prospects -- albeit improving -- in some of SCF's core markets, namely the peripheral European countries. At the same time, Moody's takes comfort from the entity's improved capitalisation levels over the past recent years, underpinned by Banco Santander's ongoing parental support. Overall, Moody's believes that SCF's credit profile is sufficiently resilient against any challenges stemming from the operating environment, namely in terms of subdued business growth and very low interest rates. Liquidity, however, remains a rating constraint due to reliance on intra-group funding.