| Abstract: | The ratings on Northern Rock PLC primarily reflect our view of its 100% ownership by the U.K. government. In accordance with our rating criteria for government-related entities, Standard&Poor's Ratings Services does not equalize the ratings on Northern Rock with the sovereign ratings on the U.K. (AAA/Stable/A-1+) because, in our view, it is a commercial institution with no public policy role that the government intends to sell in the future. Northern Rock has, in our view, moderate systemic importance, and was supported by the government to maintain confidence in the U.K. banking system. Following nationalization in February 2008, Northern Rock's priorities were to shrink its balance sheet, repay its government loan, and build stand-alone funding and capital positions. In
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Northern Rock PLC Publication date: 30-Jan-2009 Primary Credit Analyst: Richard Barnes, London (44) 20-7176-7227; richard_barnes@standardandpoors.com Secondary Credit Analyst: Giles Edwards, London...
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| Report Type: | Summary
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| Ticker: | NRK@LN
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| Issuer: | Northern Rock PLC
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| GICS: | Thrifts & Mortgage Finance (40102010)
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| Sector: | Commercial MBS, Financial Institutions, Global Issuers, Residential MBS, Structured Finance
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| Country: | United Kingdom
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| Region: | Europe, Middle East, Africa
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| Free Sample: |
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| Format: | | HTML |  |
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