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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Northern Rock $100 Million Floating Rate Upper Tier 2 Subordinated Debt Rating Lowered To 'C' On Nonpayment Of Coupon $100.00
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Northern Rock $700 Million 5.6% Upper Tier 2 Subordinated Debt Rating Lowered To 'C' Due To Nonpayment Of Coupon $100.00
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Northern Rock Reserve Capital Instruments And Tier One Notes Downgraded To 'C' Due To Deferral Of Coupons $100.00
Northern Rock announced on Aug. 18, 2009, its intention to cease coupon payments on specified Tier 1 and Upper Tier 2 hybrid capital issues. We downgraded the rated issues to 'CC' from 'CCC' on Aug. 19, 2009, and stated that we expected to ...
Northern Rock Hybrid And Lower Tier 2 Securities Downgraded To 'CC' And 'CCC' On Announced Hybrid Coupon Deferral $100.00
Northern Rock PLC has announced that it will honor its previously stated intention to pay the next coupon due on two of its hybrid capital securities, but thereafter it intends to cease coupon payments on all its hybrid capital securities until ...
Ratings On U.K. Banks' And Building Societies' Lower Tier 2 Subordinated Debt Lowered Following Criteria Refinement $100.00
We are lowering our ratings on lower Tier 2 subordinated debt issued by U.K.-incorporated banks, bank holding companies, and building societies. These rating actions follow the publication today of a revised methodology for rating lower Tier ...
Northern Rock PLC Counterparty And Issue Ratings Placed On CreditWatch Negative Due To Planned Legal Restructuring $100.00
LONDON (Standard&Poor's) March 6, 2009--Standard&Poor's Ratings Services today said it had 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 ...
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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