| Abstract: | On Oct. 14, 2008, Standard&Poor's Ratings Services placed its 'BBB' long-term counterparty credit rating on Sovereign Bancorp on CreditWatch with positive implications. This action follows Sovereign's announcement that it has entered into an agreement to be acquired by Banco Santander S.A. (AA/Stable/A-1+). We expect the deal to close in first-quarter 2009. We could raise our rating on Sovereign one to three notches to reflect support from the higher-rated Santander and Sovereign's strategic importance to the combined entity. The transaction is subject to the customary closing conditions, including bank regulator approval both in the U.S. and in Spain, as well as the approval of both entities' stockholders. CreditWatch Action To From Sovereign Bancorp Counterparty Credit Rating BBB/Watch Pos/-- BBB/Stable/--
|
| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: Sovereign Bancorp '###' Rating On CreditWatch Positive Publication date: 14-Oct-2008 Primary Credit Analyst: John K Bartko, C.P.A., New York (1) 212-438-7368; john_bartko@standardandpoors.com...
|
| Report Type: | Research Update
|
| Ticker: | SOV
|
| Issuer: | Sovereign Bancorp
|
| GICS: | Thrifts & Mortgage Finance (40102010)
|
| Sector: | Asset-Backed Commercial Paper, Asset-Backed Securities, Collateralized Debt Obligations, Commercial MBS, Corporations, Financial Institutions, Global Issuers, Public Finance, Residential MBS, Structured Finance
|
| Country: | United States
|
| Region: | United States
|
| Free Sample: |
Click Here to Download
|
| Format: | | HTML |  |
|
