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S&P Credit Research1043 word report
published Sep 23, 2008
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S&P Credit Research
| Abstract: | On Sept. 23, 2008, Standard&Poor's Ratings Services lowered its short-term counterparty credit rating on Bradford&Bingley PLC (B&B) to 'A-3' from 'A-2'. At the same time, the 'A-3' short-term counterparty credit rating remains on CreditWatch with negative implications, pending forthcoming meetings with management. The rating was originally placed on CreditWatch with negative implications on Feb. 19, 2008. The downgrade reflects our view that constraints on B&B have increased materially in recent weeks, although liquidity is currently strong. At the heart of these problems is the likelihood that asset quality in B&B's key products of self-certified and buy-to-let mortgages continues to weaken rapidly, due to a combination of rising arrears and an unfavorable loan-to-value profile. Asset quality concerns
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: Bradford & Bingley Downgraded To 'A-3'; Still On Watch Neg, On Constraints To Business Model Publication date: 23-Sep-2008 Primary Credit Analyst: Nick Hill, London (44) 20-7176-7216;...
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| Report Type: | Research Update
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| Ticker: | BB/@LN
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| Issuer: | Bradford&Bingley 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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