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S&P Credit Research387 word report
published Sep 30, 2008
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) Sept. 30, 2008--Standard&Poor's Ratings Service said today that there are no implications for its ratings on Sovereign Bancorp (BBB/Stable/--) following the company's announcement that it has replaced its CEO. The appointment of Paul A Perrault, formerly of Chittenden Corp., to the positions of President and CEO reunites Mr. Perrault with Sovereign's CFO Kirk Walters, who served as Mr. Perrault's CFO at Chittenden. These managers were the core of a management team at Chittenden whose performance illustrated the benefits of an unrelenting focus on quality, risk management, customer knowledge, and basic banking discipline, values more recently adopted by Sovereign. The successful furthering of these principles at Sovereign would be a positive development.
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Sovereign Bancorp Rating Unaffected By Appointment Of New CEO Publication date: 30-Sep-2008 Primary Credit Analyst: John K Bartko, C.P.A., New York (1) 212-438-7368; john_bartko@standardandpoors.com...
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| Report Type: | Bulletin
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| Ticker: | SOV
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| Issuer: | Sovereign Bancorp
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| GICS: | Thrifts & Mortgage Finance (40102010)
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| Sector: | Financial Institutions, Global Issuers
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| Country: | United States
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| Region: | United States
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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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On Oct. 14, 2008, Standard&Poor's Ratings Services placed its 'BBB' long-term counterparty credit rating on Sovereign Bancorp on CreditWatch with positive implications. This action follows Sovereign's announcement that it has entered into an ...
- Bulletin: Sovereign Bancorp Rating Unaffected By U.S. Government Control Of Fannie And Freddie $100.00
NEW YORK (Standard&Poor's) Sept. 8, 2008--Standard&Poor's Ratings Services said today there are no ratings implications for Sovereign Bancorp (BBB/Stable/--) as a result of the U.S. Treasury's announcement that it will take control of Fannie ...
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NEW YORK (Standard&Poor's) May 12, 2008—Standard&Poor's Ratings Services said today that its ratings on Sovereign Bancorp (BBB/Stable/--) and its subsidiaries will not be affected by the company's capital-raising efforts. The company announced ...
