| Abstract: | 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 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," said Standard&Poor's credit analyst John K. Bartko, C.P.A. 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
|
| Brief Excerpt: | RESEARCH Ratings Definitions Sovereign Bancorp Rating Placed 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 Secondary...
|
| Report Type: | Ratings Action
|
| Ticker: | SOV
|
| Issuer: | Sovereign Bancorp
|
| GICS: | Thrifts & Mortgage Finance (40102010)
|
| Sector: | Asset-Backed Commercial Paper, Asset-Backed Securities, Collateralized Debt Obligations, 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 |  |
|
