Bulletin: Sovereign Bancorp Ratings Not Affected By The Company's Efforts To Raise Capital - 2008/05/12 - S&P Credit Research

Report title: Bulletin: Sovereign Bancorp Ratings Not Affected By The Company's Efforts To Raise Capital

from S&P Credit Research
379 word report published May 12, 2008

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Abstract:

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 that it plans to raise $1 billion in common equity, and its bank subsidiary, Sovereign Bank (BBB+/Stable/A-2), plans to issue $500 million in subordinated debt. Although we view the capital raise as a positive development for Sovereign, we believe that the company's performance will continue to be pressured, as Sovereign navigates through the current challenging economic environment, characterized by weakening asset quality, specifically in consumer-related assets.

Brief Excerpt:

RESEARCH Ratings Definitions Bulletin: Sovereign Bancorp Ratings Not Affected By The Company's Efforts To Raise Capital Publication date: 12-May-2008 Primary Credit Analyst: John K Bartko, C.P.A., New York (1) 212-438-7368; john_bartko@standardandpoors....

Report Type:

Bulletin

Ticker:

SOV

Issuer:

Sovereign Bancorp

GICS:

Thrifts & Mortgage Finance (40102010)

Sector:

Asset-Backed Securities, Commercial MBS, Financial Institutions, Global Issuers, Public Finance, Residential MBS, Structured Finance

Country:

United States

Region:

United States

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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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