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S&P Credit Research1188 word report
published Oct 30, 2009
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S&P Credit Research
| Abstract: | 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, in line with Northern Rock's August 2009 announcement, will not be paid. We are consequently downgrading this issue to 'C' from 'CC'. LONDON (Standard&Poor's) Oct. 30, 2009--Standard&Poor's Ratings Services said today that it lowered its rating on the $700 million 5.6% Upper Tier 2 subordinated debt instrument issued by Northern Rock PLC (A/Watch Neg/A-1) to 'C' from 'CC'. The counterparty credit ratings on Northern Rock are unaffected by this action. On Aug. 18, 2009,
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| Brief Excerpt: | RESEARCH Ratings Definitions Northern Rock $700 Million 5.6% Upper Tier 2 Subordinated Debt Rating Lowered To 'C' Due To Nonpayment Of Coupon Publication date: 30-Oct-2009 Primary Credit Analyst: Richard Barnes, London (44) 20-7176-7227;...
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| Report Type: | Ratings Action
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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: | 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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- 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 ...
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- Northern Rock PLC Counterparty And Issue Ratings Placed On CreditWatch Negative Due To Planned Legal Restructuring $100.00
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- Bulletin: Northern Rock PLC Ratings Unaffected By Revised Business Plan $100.00
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 ...
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