Bradford&Bingley Downgraded To 'A-3'; Still On Watch Neg, On Constraints To Business Model - 2008/09/23 - S&P Credit Research

Report title: Bradford&Bingley Downgraded To 'A-3'; Still On Watch Neg, On Constraints To Business Model

from S&P Credit Research
published Sep 23, 2008

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LONDON (Standard&Poor's) Sept. 23, 2008--Standard&Poor's Ratings Services said today that it lowered its short-term counterparty credit rating on Bradford&Bingley PLC (B&B) to 'A-3' from 'A-2'. At the same time, the 'A-3' short-term counterparty credit rating remains on CreditWatch with negative implications, pending forthcoming meetings with management. The rating was originally placed on CreditWatch with negative implications on Feb. 19, 2008. "The downgrade reflects our view that constraints on B&B have increased materially in recent weeks, although liquidity is currently strong. At the heart of these problems is the likelihood that asset quality in B&B's key products of self-certified and buy-to-let mortgages continues to weaken rapidly, due to a combination of rising arrears and an

Report Type:

Ratings Action

Ticker:

BB/@LN

Issuer:

Bradford&Bingley PLC

GICS:

Thrifts & Mortgage Finance (40102010)

Sector:

Global Issuers, Structured Finance

Country:

United Kingdom

Region:

Europe, Middle East, Africa

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