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S&P Credit Research470 word report
published Jan 19, 2009
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S&P Credit Research
| Abstract: | LONDON (Standard&Poor's) Jan. 19, 2009--Standard&Poor's Ratings Services said today that its ratings on Northern Rock PLC (A/Stable/A-1) are unaffected by the announcement that the bank will slow the pace of balance sheet shrinkage. Northern Rock was nationalized in February 2008 and the ratings primarily reflect our opinion of its ownership by the U.K. government (United Kingdom; AAA/Stable/A-1+). We observe that since nationalization, Northern Rock has focused on contracting its balance sheet to repay its borrowing from the government and establish stand-alone capital and funding positions. It has done this by encouraging mortgage customers to refinance with other lenders when their fixed or discounted interest period expires. Since this approach conflicts with the government's policy of increasing
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Northern Rock PLC Ratings Unaffected By Revised Business Plan Publication date: 19-Jan-2009 Primary Credit Analyst: Richard Barnes, London (44) 20-7176-7227; richard_barnes@standardandpoors.com...
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| Report Type: | Bulletin
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| Ticker: | NRK@LN
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| Issuer: | Northern Rock PLC
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| GICS: | Thrifts & Mortgage Finance (40102010)
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| Sector: | Commercial MBS, Financial Institutions, Global Issuers, Residential MBS, 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
- Northern Rock $700 Million 5.6% Upper Tier 2 Subordinated Debt Rating Lowered To 'C' Due To Nonpayment Of Coupon $100.00
Northern Rock PLC announced on Aug. 18, 2009, its intention to cease coupon payments on specified Tier 1 and Upper Tier 2 hybrid capital issues. A coupon on Northern Rock's $700 million 5.6% Upper Tier 2 Subordinated Debt is due today and, ...
- Northern Rock Reserve Capital Instruments And Tier One Notes Downgraded To 'C' Due To Deferral Of Coupons $100.00
Northern Rock announced on Aug. 18, 2009, its intention to cease coupon payments on specified Tier 1 and Upper Tier 2 hybrid capital issues. We downgraded the rated issues to 'CC' from 'CCC' on Aug. 19, 2009, and stated that we expected to ...
- Northern Rock Hybrid And Lower Tier 2 Securities Downgraded To 'CC' And 'CCC' On Announced Hybrid Coupon Deferral $100.00
Northern Rock PLC has announced that it will honor its previously stated intention to pay the next coupon due on two of its hybrid capital securities, but thereafter it intends to cease coupon payments on all its hybrid capital securities until ...
- Ratings On U.K. Banks' And Building Societies' Lower Tier 2 Subordinated Debt Lowered Following Criteria Refinement $100.00
We are lowering our ratings on lower Tier 2 subordinated debt issued by U.K.-incorporated banks, bank holding companies, and building societies. These rating actions follow the publication today of a revised methodology for rating lower Tier ...
- Northern Rock PLC Counterparty And Issue Ratings Placed On CreditWatch Negative Due To Planned Legal Restructuring $100.00
LONDON (Standard&Poor's) March 6, 2009--Standard&Poor's Ratings Services today said it had placed its 'A/A-1' counterparty ratings on U.K. bank Northern Rock PLC on CreditWatch with negative implications. The ratings on Northern Rock's senior ...
- Research Update: Northern Rock PLC Counterparty And Issue Ratings Placed On CreditWatch Negative Due To Planned Legal Restructuring $175.00
On March 6, 2009, Standard&Poor's Ratings Services placed its 'A/A-1' counterparty ratings on U.K. bank Northern Rock PLC on CreditWatch with negative implications. The ratings on Northern Rock's senior unsecured and subordinated debt were ...
- Summary: Northern Rock PLC $175.00
The ratings on Northern Rock PLC primarily reflect our view of its 100% ownership by the U.K. government. In accordance with our rating criteria for government-related entities, Standard&Poor's Ratings Services does not equalize the ratings ...
- Northern Rock PLC $400.00
Wholly owned by the U.K. government Funding underpinned by government loan and guarantee arrangements Proposed capital increase of up to £3 billion Expected to be loss making until 2011 Challenging balance sheet reduction targets given current ...
