Research Update: Wachovia Ratings Placed On CreditWatch Negative; Some Ratings Also Lowered - 2008/09/29 - S&P Credit Research

Report title: Research Update: Wachovia Ratings Placed On CreditWatch Negative; Some Ratings Also Lowered

from S&P Credit Research
1110 word report published Sep 29, 2008

Price $175.00 available for immediate download

Report Overview

Search Inside

About S&P Credit Research

Abstract:

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 subsidiaries: Wachovia Securities, the nation's third-largest brokerage firm, and Evergreen Asset Management, a leading provider of asset-management services. As a result of this transaction, Standard&Poor's Ratings Services today placed all its ratings on Wachovia Corp. and Wachovia Bank on CreditWatch with negative implications (including $7.3 billion of trust preferred stock that we expect Citigroup to acquire). At the same time, Standard&Poor's lowered its counterparty credit rating on Wachovia Corp. to 'BBB-/A-3' from 'A+/A-1'. In addition, Standard&Poor's

Brief Excerpt:

RESEARCH Ratings Definitions Research Update: Wachovia Ratings Placed On CreditWatch Negative; Some Ratings Also Lowered Publication date: 29-Sep-2008 Primary Credit Analyst: Victoria Wagner, New York (1) 212-438-7406; victoria_wagner@standardandpoors.c...

Report Type:

Research Update

Ticker:

Issuer:

Wachovia Corporation

GICS:

Diversified Banks (40101010)

Sector:

Global Issuers, Public Finance, Structured Finance

Country:

United States

Region:

United States

Free Sample:

Click Here to Download

Format:

HTML

Enter the keyword(s) which you would like to search for within this document and click "Search"

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 ...
Research Update: Wachovia Corp. On CreditWatch Positive, Ratings Raised As Wells Fargo Acquisition Proceeds $175.00
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 ...
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 ...

Price: $175.00

Free Sample

Questions about
this research?

Send page to a friend

Return to
Deal Snapshot

Can't Decide?

Purchasing premium research sight unseen can be intimidating. At Alacra we want you to know what you are getting. Visit our FAQ or ask our Customer Service Team any questions about the report you are considering purchasing.