Sovereign Bancorp Upgraded To 'A' From 'BBB', Removed From Watch Positive, After Banco Santander Completes Buyout - 2009/02/02 - S&P Credit Research

Report title: Sovereign Bancorp Upgraded To 'A' From 'BBB', Removed From Watch Positive, After Banco Santander Completes Buyout

from S&P Credit Research
522 word report published Feb 02, 2009

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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

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;...

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

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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.

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