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S&P Credit Research2965 word report
published Sep 19, 2008
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S&P Credit Research
| Abstract: | So far in 2008, 11 U.S. banks have failed—the highest number since 2002—but a relatively low number compared to previous economic recessions. Of these, 10 were small ($4 billion and less in total assets), unrated, regional- and community-based companies with high concentrations of construction and commercial real estate (CRE) loans. However, the 11th was IndyMac Bank F.S.B., which the Office of Thrift Supervision closed on July 11 following an asset-quality-induced weakening of its financial profile punctuated by a liquidity crisis. With about $32 billion in assets, IndyMac was the largest company on this year's failure list and the third-largest U.S. bank or thrift failure in history. IndyMac was the only bank of the 11 that Standard&Poor's Ratings Services
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| Brief Excerpt: | RESEARCH Ratings Definitions U.S. Bank Failures Expected To Rise Publication date: 19-Sep-2008 Primary Credit Analysts: Catherine Mattson, New York (1) 212-438-7392; catherine_mattson@standardandpoors.com Robert Hansen, CFA, New York...
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| Report Type: | Commentary
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| Sector: | Global Issuers, Public Finance, Structured Finance
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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.
