| Abstract: | On Oct. 21, 2008, Standard&Poor's Ratings Services revised its outlook on U.K. bank Northern Rock PLC to stable from positive. At the same time, the long- and short-term 'A/A-1' counterparty credit ratings were affirmed. The ratings primarily reflect the bank's 100% ownership by the U.K. government. We do not equalize the ratings with the sovereign ratings on the U.K. (AAA/Stable/A-1+) because Northern Rock is a commercial organization with no public policy role, and the government intends to sell it in the future. The outlook revision does not reflect a change in our view of government support for Northern Rock. Rather, we consider that a sharply increasing trend in loan arrears and impairment losses reduces the potential for an
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: Northern Rock PLC Outlook Revised To Stable; 'A/A-1' Ratings Affirmed Publication date: 21-Oct-2008 Primary Credit Analyst: Richard Barnes, London (44) 20-7176-7227; richard_barnes@standardandpoors.com...
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| Report Type: | Research Update
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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: | Commercial MBS, 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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| Format: | | HTML |  |
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