Sovereign Bancorp - 2008/11/12 - S&P Credit Research

Report title: Sovereign Bancorp

from S&P Credit Research
6657 word report published Nov 12, 2008

Price $400.00 available for immediate download

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Abstract:

In agreement to be acquired by higher rated Banco Santander S.A. (AA/Stable/A-1+) Well-diversified loan portfolio Strong market shares in vibrant markets Recently enhanced capital levels partially mitigated by FNMA/FHLM preferred investments, loss on sale of its collateralized debt obligation (CDO) portfolio, and cyclical pressures Weak earnings levels High expense levels Standard&Poor's Ratings Services' has placed its ratings on Sovereign Bancorp on CreditWatch with positive implications following the company's agreement to be acquired by Banco Santander S.A. (Santander; AA/Stable/A-1+) announced Oct. 13, 2008, in a deal that is expected to close in the first quarter of 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

Brief Excerpt:

RESEARCH Ratings Definitions Sovereign Bancorp Publication date: 12-Nov-2008 Primary Credit Analyst: John K Bartko, C.P.A., New York (1) 212-438-7368; john_bartko@standardandpoors.com Secondary Credit Analyst: Catherine Mattson, New...

Report Type:

Full Report

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

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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

Sovereign Bancorp Upgraded To 'A' From 'BBB', Removed From Watch Positive, After Banco Santander Completes Buyout $100.00
NEW YORK (Standard&Poor's) Feb. 2, 2009--Standard&Poor's said today that it 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 ...
Research Update: Sovereign Bancorp Upgraded To 'A' From 'BBB', Off Watch Positive, After Banco Santander Completes Buyout $175.00
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. ...
Summary: Sovereign Bancorp $175.00
Standard&Poor's Ratings Services' has placed its ratings on Sovereign Bancorp on CreditWatch with positive implications following the company's agreement to be acquired by Banco Santander S.A. (Santander; AA/Stable/A-1+) announced Oct. 13, ...
Sovereign Bancorp Rating Placed On CreditWatch Positive $100.00
NEW YORK (Standard&Poor's) Oct. 14, 2008--Standard&Poor's Ratings Services said today that it placed its 'BBB' long-term counterparty credit rating on Sovereign Bancorp on CreditWatch with positive implications. This action follows Sovereign's ...
Research Update: Sovereign Bancorp 'BBB' Rating On CreditWatch Positive $175.00
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 ...
Bulletin: Sovereign Bancorp Rating Unaffected By Appointment Of New CEO $100.00
NEW YORK (Standard&Poor's) Sept. 30, 2008--Standard&Poor's Ratings Service said today that there are no implications for its ratings on Sovereign Bancorp (BBB/Stable/--) following the company's announcement that it has replaced its CEO. The ...
Bulletin: Sovereign Bancorp Rating Unaffected By U.S. Government Control Of Fannie And Freddie $100.00
NEW YORK (Standard&Poor's) Sept. 8, 2008--Standard&Poor's Ratings Services said today there are no ratings implications for Sovereign Bancorp (BBB/Stable/--) as a result of the U.S. Treasury's announcement that it will take control of Fannie ...
Bulletin: Sovereign Bancorp Ratings Not Affected By The Company's Efforts To Raise Capital $100.00
NEW YORK (Standard&Poor's) May 12, 2008—Standard&Poor's Ratings Services said today that its ratings on Sovereign Bancorp (BBB/Stable/--) and its subsidiaries will not be affected by the company's capital-raising efforts. The company announced ...

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