| Abstract: | On Feb. 2, 2009, Standard&Poor's raised its ratings on Sovereign Bancorp and its subsidiaries to 'A' from 'BBB'. At the same time, we removed the ratings from CreditWatch, where they were placed with positive implications on Oct. 14, 2008. The outlook is stable. The rating actions follow Sovereign's acquisition by Banco Santander S.A. (AA/Stable/A-1+). Sovereign's business profile will be strengthened by the added resources and flexibility accessible to it as part of the Santander organization, one of the most geographically diverse banks in the world and the largest bank based in Spain. We view Sovereign as strategically important to Santander's long-term plans, which include a focus on expansion in the U.S. Because Santander already owned 24.35% of Sovereign,
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: Sovereign Bancorp Upgraded To 'A' From '###', Off Watch Positive, After Banco Santander Completes Buyout Publication date: 02-Feb-2009 Primary Credit Analyst: Catherine Mattson, New York...
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| Report Type: | Research Update
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| Ticker: | SOV
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| Issuer: | Sovereign Bancorp
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| GICS: | Thrifts & Mortgage Finance (40102010)
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| Sector: | Asset-Backed Commercial Paper, Asset-Backed Securities, Collateralized Debt Obligations, Commercial MBS, Corporations, Financial Institutions, Global Issuers, Public Finance, Residential MBS, Structured Finance
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| Country: | United States
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| Region: | United States
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