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S&P Credit Research436 word report
published Sep 08, 2008
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S&P Credit Research
| Abstract: | 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 Mae and Freddie Mac. At the end of the second quarter, Sovereign held approximately $639 million of these companies' preferred securities. Under the Treasury's plan, the dividends associated with these securities will cease, resulting in a decline in the stock's value, presumably to nominal levels. In a worst-case scenario, a decline in Sovereign's $639 million investments would represent a setback in the company's efforts to strengthen capital levels, but would not reduce levels outside the range of similarly rated institutions. In addition,
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Sovereign Bancorp Rating Unaffected By U.S. Government Control Of Fannie And Freddie Publication date: 08-Sep-2008 Primary Credit Analyst: John K Bartko, C.P.A., New York (1) 212-438-7368; john_bartko@standardandpo...
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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: | Global Issuers, Public Finance, Structured Finance
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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.
Also from S&P Credit Research
- Sovereign Bancorp Upgraded To 'A' From 'BBB', Removed From Watch Positive, After Banco Santander Completes Buyout $100.00
NEW YORK (Standard&Poor's) Feb. 2, 2009--Standard&Poor's said today that it raised its ratings on Sovereign Bancorp and its subsidiaries to 'A' from 'BBB'. At the same time, we removed the ratings from CreditWatch, where they were placed with ...
- Research Update: Sovereign Bancorp Upgraded To 'A' From 'BBB', Off Watch Positive, After Banco Santander Completes Buyout $175.00
On Feb. 2, 2009, Standard&Poor's raised its ratings on Sovereign Bancorp and its subsidiaries to 'A' from 'BBB'. At the same time, we removed the ratings from CreditWatch, where they were placed with positive implications on Oct. 14, 2008. ...
- Sovereign Bancorp $400.00
In agreement to be acquired by higher rated Banco Santander S.A. (AA/Stable/A-1+) Well-diversified loan portfolio Strong market shares in vibrant markets Recently enhanced capital levels partially mitigated by FNMA/FHLM preferred investments, ...
- Summary: Sovereign Bancorp $175.00
Standard&Poor's Ratings Services' has placed its ratings on Sovereign Bancorp on CreditWatch with positive implications following the company's agreement to be acquired by Banco Santander S.A. (Santander; AA/Stable/A-1+) announced Oct. 13, ...
- Sovereign Bancorp Rating Placed On CreditWatch Positive $100.00
NEW YORK (Standard&Poor's) Oct. 14, 2008--Standard&Poor's Ratings Services said today that it placed its 'BBB' long-term counterparty credit rating on Sovereign Bancorp on CreditWatch with positive implications. This action follows Sovereign's ...
- Research Update: Sovereign Bancorp 'BBB' Rating On CreditWatch Positive $175.00
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 Appointment Of New CEO $100.00
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 ...
- Bulletin: Sovereign Bancorp Ratings Not Affected By The Company's Efforts To Raise Capital $100.00
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 ...
