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S&P Credit Research666 word report
published May 28, 2009
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S&P Credit Research
| Abstract: | 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 perpetual and dated subordinated debt instruments. In a previous action on March 17, 2009, we had lowered our ratings on B&B to 'SD' (selective default) for one day, marking imposed changes to the terms of the dated subordinated debt instruments, which we deemed a distressed exchange. B&B has announced that it will not make forthcoming coupon payments due in June and July 2009 on its £125 million 6.625% subordinated notes maturing June 2023, £150 million floating-rate subordinated notes maturing March 2054, and
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| Brief Excerpt: | RESEARCH Ratings Definitions Bradford & Bingley Rating Unaffected By Nonpayment Of Subordinated Debt Publication date: 28-May-2009 Primary Credit Analyst: Nick Hill, London (44) 20-7176-7216; nick_hill@standardandpoors.com Secondary...
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| Report Type: | News
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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.
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