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S&P Credit Research1504 word report
published Oct 10, 2008
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S&P Credit Research
| Abstract: | On Oct. 10, 2008, Standard&Poor's Ratings Services revised its CreditWatch status on Wachovia Corp. to positive from developing and raised its counterparty credit rating on Wachovia to 'A+/A-1' from 'BBB-/A-3' in reaction to Wells Fargo&Co.'s announcement that it is proceeding with its original Oct. 3 plan to acquire all of Wachovia Corp. Our rating on Wells Fargo remains on CreditWatch Negative where it was placed Oct. 3, 2008. As previously announced, under the definitive agreement between the two companies, Wells Fargo will acquire all outstanding shares of Wachovia's common stock in a stock-for-stock transaction. In the transaction, Wells Fargo will acquire all of Wachovia and all its businesses and obligations, including its preferred equity and indebtedness
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: Wachovia Corp. On CreditWatch Positive, Ratings Raised As Wells Fargo Acquisition Proceeds Publication date: 10-Oct-2008 Primary Credit Analyst: Victoria Wagner, New York (1) 212-438-7406;...
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| Report Type: | Research Update
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| Ticker: | WB
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| Issuer: | Wachovia Corporation
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| GICS: | Diversified Banks (40101010)
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| Sector: | Global Issuers, Public Finance, Structured Finance
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| Country: | United States
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| Region: | United States
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| Free Sample: |
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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.
Also from S&P Credit Research
- Wachovia Corp. Upgraded, Removed From CreditWatch; Outlook Neg. After Wells Acquisition $100.00
NEW YORK (Standard&Poor's) Jan. 5, 2009--Standard&Poor's Ratings Services said today that it raised its ratings on Wachovia Corp., including raising its counterparty credit rating to 'AA/A-1+' from 'A+/A-1', and removed all ratings from CreditWatch ...
- Research Update: Wachovia Corp. Rating Raised, Removed From CreditWatch; Outlook Neg. After Wells Acquisition $175.00
On Jan. 5, 2009, Standard&Poor's Ratings Services raised its ratings on Wachovia Corp., including raising its counterparty credit rating to 'AA/A-1+' from 'A+/A-1', and removed all ratings from CreditWatch Positive where they were placed on ...
- Summary: Wachovia Corp. $175.00
Ratings on Wachovia Corp. remain on CreditWatch with positive implications because of the company's pending acquisition by higher rated Wells Fargo&Co. (AA+/Watch Neg/A-1+). The acquisition is planned to close by year-end. Wachovia's extremely ...
- Wachovia Corp. On CreditWatch Positive, Upgraded As Wells Fargo Acquisition Proceeds $100.00
NEW YORK (Standard&Poor's) Oct. 10, 2008--Standard&Poor's Ratings Services said today that it revised its CreditWatch status on Wachovia Corp. to positive from developing and raised its counterparty credit rating on Wachovia to 'A+/A-1' from ...
- Wachovia Ratings Put On CreditWatch Negative; Some Ratings Also Lowered $100.00
NEW YORK (Standard&Poor's) Sept. 29, 2008--Wachovia Corp. announced today that it intends to sell its retail bank, corporate and investment bank, and wealth-management businesses to Citigroup Inc. The new Wachovia Corp. will remain a public ...
- Research Update: Wachovia Ratings Placed On CreditWatch Negative; Some Ratings Also Lowered $175.00
On Sept. 29, 2008, Wachovia Corp. announced that it intends to sell its retail bank, corporate and investment bank, and wealth-management businesses to Citigroup Inc. The new Wachovia Corp. will remain a public company with two main operating ...
- Wachovia Ratings Put On CreditWatch Negative; Some Ratings Also Lowered $100.00
NEW YORK (Standard&Poor's) Sept. 29, 2008--Wachovia Corp. announced today that it intends to sell its retail bank, corporate and investment bank, and wealth-management businesses to Citigroup Inc. The new Wachovia Corp. will remain a public ...
- Research Update: Wachovia Ratings Placed On CreditWatch Negative; Some Ratings Also Lowered $175.00
On Sept. 29, 2008, Wachovia Corp. announced that it intends to sell its retail bank, corporate and investment bank, and wealth-management businesses to Citigroup Inc. The new Wachovia Corp. will remain a public company with two main operating ...
