Research Update: Northern Rock Upgraded To 'A' On Nationalization; Off Watch Dev; Preference Shares Cut To 'C' - 2008/02/18 - S&P Credit Research

Report title: Research Update: Northern Rock Upgraded To 'A' On Nationalization; Off Watch Dev; Preference Shares Cut To 'C'

from S&P Credit Research
1673 word report published Feb 18, 2008

Price $175.00 available for immediate download

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Abstract:

On Feb. 18, 2008, Standard&Poor's Ratings Services raised its long-term counterparty credit rating on U.K. bank Northern Rock PLC to 'A' from 'A-'. At the same time, the 'A-1' short-term counterparty credit rating was affirmed. The outlook is positive. Furthermore, the rating on Northern Rock's lower Tier 2 dated subordinated debt was raised to 'BBB+' from 'BBB'. At the same time, the counterparty credit ratings and the rating on the lower Tier 2 debt were removed from CreditWatch, where they had been placed with developing implications on Sept. 26, 2007. Additionally, the rating on Northern Rock's £400 million preference shares, and the rating on the £400 million notes issued by Saphir Finance PLC and secured over those preference

Brief Excerpt:

RESEARCH Ratings Definitions Research Update: Northern Rock Upgraded To 'A' On Nationalization; Off Watch Dev; Preference Shares Cut To 'C' Publication date: 18-Feb-2008 Primary Credit Analyst: Richard Barnes, London (44) 20-7176-7227;...

Report Type:

Research Update

Ticker:

NRK@LN

Issuer:

Northern Rock PLC

GICS:

Thrifts & Mortgage Finance (40102010)

Sector:

Global Issuers, Structured Finance

Country:

United Kingdom

Region:

Europe, Middle East, Africa

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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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Research Update: Northern Rock PLC Counterparty And Issue Ratings Placed On CreditWatch Negative Due To Planned Legal Restructuring $175.00
On March 6, 2009, Standard&Poor's Ratings Services placed its 'A/A-1' counterparty ratings on U.K. bank Northern Rock PLC on CreditWatch with negative implications. The ratings on Northern Rock's senior unsecured and subordinated debt were ...
Summary: Northern Rock PLC $175.00
The ratings on Northern Rock PLC primarily reflect our view of its 100% ownership by the U.K. government. In accordance with our rating criteria for government-related entities, Standard&Poor's Ratings Services does not equalize the ratings ...
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