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S&P Credit Research1174 word report
published Sep 21, 2009
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S&P Credit Research
| Abstract: | 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 downgrade them to 'C' when coupon payments were actually missed. We note from the issue documentation that coupons on Northern Rock's Reserve Capital Instruments (RCIs) and Tier One Notes (TONs) are due today and, in line with Northern Rock's August 2009 announcement, will not be paid. We are consequently downgrading Northern Rock's RCIs and TONs to 'C' from 'CC'. LONDON (Standard&Poor's) Sept. 21, 2009--Standard&Poor's Ratings Services said today that it lowered its ratings
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| Brief Excerpt: | RESEARCH Ratings Definitions Northern Rock Reserve Capital Instruments And Tier One Notes Downgraded To 'C' Due To Deferral Of Coupons Publication date: 21-Sep-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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