Research Update: Bradford&Bingley S-T Rating Raised To 'A-1' From 'SD' Following Distressed Exchange On Lower Tier 2 Notes - 2009/03/18 - S&P Credit Research

Report title: Research Update: Bradford&Bingley S-T Rating Raised To 'A-1' From 'SD' Following Distressed Exchange On Lower Tier 2 Notes

from S&P Credit Research
630 word report published Mar 18, 2009

Price $175.00 available for immediate download

Report Overview

Search Inside

About S&P Credit Research

Abstract:

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 on B&B's lower Tier 2 subordinated notes (for more information, see "Bradford&Bingley Rating Lowered To 'SD' From 'A-1' For One Day, Reflecting Distressed Exchange On Lower Tier 2 Notes," published March 17, 2009, on RatingsDirect). The 'A-1' short-term senior debt obligations were again affirmed. Our criteria provide that, following the completion of a distressed exchange (which in this case occurred when the relevant U.K. Treasury orders were implemented), the issuer is no longer considered to be in selective default. From this

Brief Excerpt:

RESEARCH Ratings Definitions Research Update: Bradford & Bingley S-T Rating Raised To 'A-1' From '##' Following Distressed Exchange On Lower Tier 2 Notes Publication date: 18-Mar-2009 Primary Credit Analyst: Nick Hill, London (44)...

Report Type:

Research Update

Ticker:

BB/@LN

Issuer:

Bradford&Bingley PLC

GICS:

Thrifts & Mortgage Finance (40102010)

Sector:

Financial Institutions, Global Issuers, Residential MBS, Structured Finance

Country:

United Kingdom

Region:

Europe, Middle East, Africa

Free Sample:

Click Here to Download

Format:

HTML

Enter the keyword(s) which you would like to search for within this document and click "Search"

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.

Also from S&P Credit Research

Bradford&Bingley PLC $400.00
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
The ratings on Bradford&Bingley PLC (B&B) reflect our view of its 100% ownership by the U.K. government, following B&B's nationalization in September 2008. State ownership and its associated support provide B&B with substantial liquidity resources ...
Bradford&Bingley Rating Unaffected By Nonpayment Of Subordinated Debt $100.00
LONDON (Standard&Poor's) May 28, 2009--Standard&Poor's Ratings Services said today that its short-term counterparty credit rating on Bradford&Bingley PLC (B&B; --/--/A-1) is unaffected by B&B's decision not to pay forthcoming coupons on certain ...
Bradford&Bingley S-T Rating Raised To 'A-1' From 'SD' Following Distressed Exchange On Lower Tier 2 Notes $100.00
LONDON (Standard&Poor's) March 18, 2009--Standard&Poor's Ratings Services said today it 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 ...
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 ...
Research Update: Bradford&Bingley Rating Lowered To 'SD' From 'A-1' For One Day, Reflecting Distressed Exchange On Lower Tier 2 Notes $175.00
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 ...
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 ...

Price: $175.00

Free Sample

Questions about
this research?

Send page to a friend

Return to
Alacra Company Snapshot

Can't Decide?

Purchasing premium research sight unseen can be intimidating. At Alacra we want you to know what you are getting. Visit our FAQ or ask our Customer Service Team any questions about the report you are considering purchasing.