Research Update: Outlook On Wachovia Corp. And Wachovia Bank N.A. Revised To Negative; Ratings Affirmed - 2008/04/14 - S&P Credit Research

Report title: Research Update: Outlook On Wachovia Corp. And Wachovia Bank N.A. Revised To Negative; Ratings Affirmed

from S&P Credit Research
1497 word report published Apr 14, 2008

Price $175.00 available for immediate download

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Abstract:

On April 14, 2008, Standard&Poor's Ratings Services revised its outlook on Wachovia Corp. and Wachovia Bank N.A. to negative from stable. At the same time, we affirmed our 'AA-/A-1+' counterparty credit rating on Wachovia Corp. and our counterparty credit ratings on Wachovia's other rated subsidiaries, following the firms' announced $350 million loss in first-quarter 2008 and a near break-even fourth-quarter 2007. The negative outlook reflects our expectation of lower operating profitability for Wachovia in the near term. We view the financial institutions sector negatively, due to the unfavorable residential real estate cycle and the higher degree of market uncertainty for the broader market. These conditions will challenge operating results in 2008 and into 2009 (see " U.S.Banks with

Brief Excerpt:

RESEARCH Ratings Definitions Research Update: Outlook On Wachovia Corp. And Wachovia Bank N.A. Revised To Negative; Ratings Affirmed Publication date: 14-Apr-2008 Primary Credit Analyst: Victoria Wagner, New York (1) 212-438-7406;...

Report Type:

Research Update

Ticker:

Issuer:

Wachovia Corporation

GICS:

Diversified Banks (40101010)

Sector:

Asset-Backed Commercial Paper, Asset-Backed Securities, Collateralized Debt Obligations, Commercial MBS, Corporations, Financial Institutions, Global Issuers, Public Finance, Residential MBS, Structured Finance, Utilities

Country:

United States

Region:

United States

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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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