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S&P Credit Research5990 word report
published Jul 20, 2009
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S&P Credit Research
| Abstract: | 100% ownership by U.K. government Guarantee arrangements for senior creditors Significant interest-free funding from government In prolonged wind-down following nationalization Poor asset quality The ratings on Bradford&Bingley PLC (B&B) reflect our view of its 100% ownership by the U.K. government, following B&B's nationalization in September 2008. State ownership and its associated support provide B&B with substantial liquidity resources and, in the view of Standard&Poor's Ratings Services, essentially remove funding risks. We consider that the guarantee arrangements provide a very high level of certainty for senior creditors, and that these arrangements offset potential issues that would otherwise arise from B&B's poor asset quality. B&B is now in run-off, but was until 2008 the 10th-largest mortgage lender in
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| Brief Excerpt: | RESEARCH Ratings Definitions Bradford & Bingley PLC Publication date: 20-Jul-2009 Primary Credit Analyst: Nick Hill, London (44) 20-7176-7216; nick_hill@standardandpoors.com Secondary Credit Analyst: Giles Edwards, London (44) 20-7176-7014;...
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| Report Type: | Full Report
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| Ticker: | BB/@LN
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| Issuer: | Bradford&Bingley PLC
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| GICS: | Thrifts & Mortgage Finance (40102010)
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| Sector: | Global Issuers, Structured Finance
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| Country: | United Kingdom
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| Region: | Europe, Middle East, Africa
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
Also from S&P Credit Research
- Summary: Bradford&Bingley PLC $175.00
The ratings on Bradford&Bingley PLC (B&B) reflect our view of its 100% ownership by the U.K. government, following B&B's nationalization in September 2008. State ownership and its associated support provide B&B with substantial liquidity resources ...
- Bradford&Bingley Rating Unaffected By Nonpayment Of Subordinated Debt $100.00
LONDON (Standard&Poor's) May 28, 2009--Standard&Poor's Ratings Services said today that its short-term counterparty credit rating on Bradford&Bingley PLC (B&B; --/--/A-1) is unaffected by B&B's decision not to pay forthcoming coupons on certain ...
- Bradford&Bingley S-T Rating Raised To 'A-1' From 'SD' Following Distressed Exchange On Lower Tier 2 Notes $100.00
LONDON (Standard&Poor's) March 18, 2009--Standard&Poor's Ratings Services said today it raised its short-term counterparty credit rating on Bradford&Bingley PLC (B&B) to 'A-1' from 'SD' (selective default). This follows yesterday's downgrade ...
- Research Update: Bradford&Bingley S-T Rating Raised To 'A-1' From 'SD' Following Distressed Exchange On Lower Tier 2 Notes $175.00
On March 18, 2009, Standard&Poor's Ratings Services raised its short-term counterparty credit rating on Bradford&Bingley PLC (B&B) to 'A-1' from 'SD' (selective default). This follows yesterday's downgrade to 'SD', reflecting a distressed exchange ...
- Bradford&Bingley Rating Lowered To 'SD' From 'A-1' For One Day, Reflecting Distressed Exchange On Lower Tier 2 Notes $100.00
LONDON (Standard&Poor's) March 17, 2009--Standard&Poor's Ratings Services said today it lowered its short-term counterparty credit rating on Bradford&Bingley PLC (B&B) to 'SD' from 'A-1'. This rating action will last one day, after which Standard&Poor's ...
- Research Update: Bradford&Bingley Rating Lowered To 'SD' From 'A-1' For One Day, Reflecting Distressed Exchange On Lower Tier 2 Notes $175.00
On March 17, 2009, Standard&Poor's Ratings Services lowered its short-term counterparty credit rating on Bradford&Bingley PLC (B&B) to 'SD' from 'A-1'. This rating action will last one day, after which Standard&Poor's intends, in accordance ...
- U.K. Bank Bradford&Bingley Short-Term Rating Raised To 'A-1' On Nationalization; Off Watch $100.00
LONDON (Standard&Poor's) Sept. 29, 2008--Standard&Poor's Ratings Services said today that it has raised its short-term counterparty credit rating on U.K. mortgage lender Bradford&Bingley PLC (B&B) to 'A-1' from 'A-3'. The rating was also removed ...
- Research Update: U.K. Bank Bradford&Bingley Short-Term Rating Raised To 'A-1' On Nationalization; Off Watch $175.00
On Sept. 29, 2008, Standard&Poor's Ratings Services raised its short-term counterparty credit rating on U.K. mortgage lender Bradford&Bingley PLC (B&B) to 'A-1' from 'A-3'. The rating was also removed from CreditWatch, where it had been originally ...
