Report title: Credit Update on HBOS plc
from Fitch Research
4 page (7345 word) report published Sep 22, 2008

Price $165.00 available for immediate download
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...The IDRs and Individual Rating of HBOS plc and of its main operating subsidiary, Bank of Scotland Plc (BOS), were placed o n Rating Watch Negative following the announcement of the planned acquisition of the group by Lloyds TSB Group plc on ## September ####. Against the backdrop of a dramatic escalation in the credit crisis, HBOS s already weak share price crashed in mid\##September ####. This heightened the risk of sustained negative sentiment spilling over to the bank s creditors, ultimately leading to the acquisition announcement. HBOS s ratings reflect its strong UK retail franchise and efficient operating platform, sound capitalisation and healthy underlying profitability. Asset quality in the bank s loan books has been good, but is deteriorating because of the strains building in the UK economy and residential (it is the UK s largest residential mortgage lender) and commercial p roperty sectors. Despite being the UK s largest...

Report Type: Credit Update
Company(ies): HBOS plc
Ticker(s): HBOS
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