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S&P Credit Research1330 word report
published Aug 19, 2009
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S&P Credit Research
| Abstract: | 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 further notice. We have downgraded Northern Rock's rated hybrid capital securities to 'CC' from 'CCC'. We expect to further downgrade these securities to 'C' when coupon payments are actually missed. We have also downgraded Northern Rock's lower Tier two instruments to 'CCC' from 'B-'. This reflects our view that there is increased risk that the bank will not make the coupon payments on these instruments. Our counterparty credit ratings on Northern Rock are unaffected by this action. LONDON (Standard
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| Brief Excerpt: | RESEARCH Ratings Definitions Northern Rock Hybrid And Lower Tier 2 Securities Downgraded To '##' And '###' On Announced Hybrid Coupon Deferral Publication date: 19-Aug-2009 Primary Credit Analyst: Giles Edwards, London (44) 20-7176-7014;...
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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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