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S&P Credit Research1256 word report
published Mar 17, 2009
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S&P Credit Research
| Abstract: | On March 17, 2009, Standard&Poor's Ratings Services lowered its short-term counterparty credit rating on Bradford&Bingley PLC (B&B) to 'SD' from 'A-1'. This rating action will last one day, after which Standard&Poor's intends, in accordance with its criteria and absent any other development, to restore B&B's short-term counterparty credit rating to 'A-1'. This corrects an omission in applying our criteria at the time of B&B's nationalization on Sept. 29, 2008. Short-term senior debt obligations continue to be rated 'A-1'. This use of the 'SD' (selective default) notation reflects our view that the recent orders by the U.K. Treasury that changed the terms of B&B's lower Tier 2 dated subordinated notes (Notes; unrated) constitute a "distressed
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: Bradford & Bingley Rating Lowered To '##' From 'A-1' For One Day, Reflecting Distressed Exchange On Lower Tier 2 Notes Publication date: 17-Mar-2009 Primary Credit Analyst: Nick Hill,...
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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: | Financial Institutions, Global Issuers, Residential MBS, 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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100% ownership by U.K. government Guarantee arrangements for senior creditors Significant interest-free funding from government In prolonged wind-down following nationalization Poor asset quality The ratings on Bradford&Bingley PLC (B&B) reflect ...
- Summary: Bradford&Bingley PLC $175.00
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- Research Update: Bradford&Bingley S-T Rating Raised To 'A-1' From 'SD' Following Distressed Exchange On Lower Tier 2 Notes $175.00
On March 18, 2009, Standard&Poor's Ratings Services raised its short-term counterparty credit rating on Bradford&Bingley PLC (B&B) to 'A-1' from 'SD' (selective default). This follows yesterday's downgrade to 'SD', reflecting a distressed exchange ...
- Bradford&Bingley Rating Lowered To 'SD' From 'A-1' For One Day, Reflecting Distressed Exchange On Lower Tier 2 Notes $100.00
LONDON (Standard&Poor's) March 17, 2009--Standard&Poor's Ratings Services said today it lowered its short-term counterparty credit rating on Bradford&Bingley PLC (B&B) to 'SD' from 'A-1'. This rating action will last one day, after which Standard&Poor's ...
- U.K. Bank Bradford&Bingley Short-Term Rating Raised To 'A-1' On Nationalization; Off Watch $100.00
LONDON (Standard&Poor's) Sept. 29, 2008--Standard&Poor's Ratings Services said today that it has raised its short-term counterparty credit rating on U.K. mortgage lender Bradford&Bingley PLC (B&B) to 'A-1' from 'A-3'. The rating was also removed ...
- Research Update: U.K. Bank Bradford&Bingley Short-Term Rating Raised To 'A-1' On Nationalization; Off Watch $175.00
On Sept. 29, 2008, Standard&Poor's Ratings Services raised its short-term counterparty credit rating on U.K. mortgage lender Bradford&Bingley PLC (B&B) to 'A-1' from 'A-3'. The rating was also removed from CreditWatch, where it had been originally ...
