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S&P Credit Research774 word report
published Oct 24, 2008
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S&P Credit Research
| Abstract: | Ratings on Wachovia Corp. remain on CreditWatch with positive implications because of the company's pending acquisition by higher rated Wells Fargo&Co. (AA+/Watch Neg/A-1+). The acquisition is planned to close by year-end. Wachovia's extremely weak third-quarter results reflect actions taken related to its pending acquisition by Wells Fargo and continued asset quality pressure and market disruption write-downs on certain mortgage-related assets. Wachovia reported an oversized third-quarter loss of $23.9 billion, under generally accepted accounting principles, resulting from an $18.8 billion pretax write-down of goodwill primarily related to the general banking, retail, and small business operations, and from charges taken pending the Wells Fargo transaction. However, Wachovia's loss from operating results was much lower, at $4.8 billion, with net revenue
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Wachovia Corp. Publication date: 24-Oct-2008 Primary Credit Analyst: Victoria Wagner, New York (1) 212-438-7406; victoria_wagner@standardandpoors.com Secondary Credit Analyst: Tanya Azarchs, New...
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| Report Type: | Summary
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| Ticker: | WB
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| Issuer: | Wachovia Corporation
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| GICS: | Diversified Banks (40101010)
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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
- Wachovia Corp. Upgraded, Removed From CreditWatch; Outlook Neg. After Wells Acquisition $100.00
NEW YORK (Standard&Poor's) Jan. 5, 2009--Standard&Poor's Ratings Services said today that it raised its ratings on Wachovia Corp., including raising its counterparty credit rating to 'AA/A-1+' from 'A+/A-1', and removed all ratings from CreditWatch ...
- Research Update: Wachovia Corp. Rating Raised, Removed From CreditWatch; Outlook Neg. After Wells Acquisition $175.00
On Jan. 5, 2009, Standard&Poor's Ratings Services raised its ratings on Wachovia Corp., including raising its counterparty credit rating to 'AA/A-1+' from 'A+/A-1', and removed all ratings from CreditWatch Positive where they were placed on ...
- Wachovia Corp. On CreditWatch Positive, Upgraded As Wells Fargo Acquisition Proceeds $100.00
NEW YORK (Standard&Poor's) Oct. 10, 2008--Standard&Poor's Ratings Services said today that it revised its CreditWatch status on Wachovia Corp. to positive from developing and raised its counterparty credit rating on Wachovia to 'A+/A-1' from ...
- Research Update: Wachovia Corp. On CreditWatch Positive, Ratings Raised As Wells Fargo Acquisition Proceeds $175.00
On Oct. 10, 2008, Standard&Poor's Ratings Services revised its CreditWatch status on Wachovia Corp. to positive from developing and raised its counterparty credit rating on Wachovia to 'A+/A-1' from 'BBB-/A-3' in reaction to Wells Fargo&Co.'s ...
- Wachovia Ratings Put On CreditWatch Negative; Some Ratings Also Lowered $100.00
NEW YORK (Standard&Poor's) Sept. 29, 2008--Wachovia Corp. announced today that it intends to sell its retail bank, corporate and investment bank, and wealth-management businesses to Citigroup Inc. The new Wachovia Corp. will remain a public ...
- Research Update: Wachovia Ratings Placed On CreditWatch Negative; Some Ratings Also Lowered $175.00
On Sept. 29, 2008, Wachovia Corp. announced that it intends to sell its retail bank, corporate and investment bank, and wealth-management businesses to Citigroup Inc. The new Wachovia Corp. will remain a public company with two main operating ...
- Wachovia Ratings Put On CreditWatch Negative; Some Ratings Also Lowered $100.00
NEW YORK (Standard&Poor's) Sept. 29, 2008--Wachovia Corp. announced today that it intends to sell its retail bank, corporate and investment bank, and wealth-management businesses to Citigroup Inc. The new Wachovia Corp. will remain a public ...
- Research Update: Wachovia Ratings Placed On CreditWatch Negative; Some Ratings Also Lowered $175.00
On Sept. 29, 2008, Wachovia Corp. announced that it intends to sell its retail bank, corporate and investment bank, and wealth-management businesses to Citigroup Inc. The new Wachovia Corp. will remain a public company with two main operating ...
