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S&P Credit Research522 word report
published Feb 02, 2009
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S&P Credit Research
| Abstract: | 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 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," said Standard&Poor's credit analyst Catherine Mattson. Santander is 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
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| Brief Excerpt: | RESEARCH Ratings Definitions Sovereign Bancorp Upgraded To 'A' From '###', Removed From Watch Positive, After Banco Santander Completes Buyout Publication date: 02-Feb-2009 Primary Credit Analyst: Catherine Mattson, New York (1) 212-438-7392;...
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| Report Type: | Ratings Action
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| Ticker: | SOV
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| Issuer: | Santander Holdings USA Inc.
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| GICS: | Thrifts & Mortgage Finance (40102010)
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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
- Sovereign Bancorp Rated 'A-1' Short-Term, CP Rated 'A-1'; Outlook Stable $100.00
Sovereign Bancorp has established a $2 billion private-placement program of commercial paper notes. We are assigning an 'A-1' rating to this CP program and an 'A-1' short-term counterparty credit rating to Sovereign. We expect Sovereign to ...
- Research Update: Sovereign Bancorp Assigned 'A-1' Short-Term Rating, 'A-1' CP Rating; Outlook Stable $175.00
Sovereign Bancorp has established a $2 billion private-placement program of commercial paper notes. We are assigning an 'A-1' rating to this CP program and an 'A-1' short-term counterparty credit rating to Sovereign. We expect Sovereign to ...
- Sovereign Bancorp $400.00
Wholly owned subsidiary of Banco Santander S.A. (AA/Negative/A-1+) Well-diversified loan portfolio Strong market shares in stable markets Asset-quality deterioration Weak core earnings levels Higher risk profile from Santander Consumer USA ...
- Summary: Sovereign Bancorp $175.00
Standard&Poor's Ratings Services' ratings on Sovereign Bancorp are based on the support it derives from parent company Banco Santander S.A., its diversity of loans and business lines, and its strong market share in relatively stable markets. ...
- 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. ...
- Sovereign Bancorp $400.00
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, ...
- 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 ...
