Research Update: Northern Rock Upgraded To 'A' On Nationalization; Off Watch Dev; Preference Shares Cut To 'C' - 2008/02/18 - S&P Credit Research

Report title: Research Update: Northern Rock Upgraded To 'A' On Nationalization; Off Watch Dev; Preference Shares Cut To 'C'

from S&P Credit Research
1673 word report published Feb 18, 2008

Price $175.00 available for immediate download HTML

Report Overview

Search Inside

Abstract: On Feb. 18, 2008, Standard&Poor's Ratings Services raised its long-term counterparty credit rating on U.K. bank Northern Rock PLC to 'A' from 'A-'. At the same time, the 'A-1' short-term counterparty credit rating was affirmed. The outlook is positive. Furthermore, the rating on Northern Rock's lower Tier 2 dated subordinated debt was raised to 'BBB+' from 'BBB'. At the same time, the counterparty credit ratings and the rating on the lower Tier 2 debt were removed from CreditWatch, where they had been placed with developing implications on Sept. 26, 2007. Additionally, the rating on Northern Rock's £400 million preference shares, and the rating on the £400 million notes issued by Saphir Finance PLC and secured over those preference

Brief Excerpt: RESEARCH Ratings Definitions Research Update: Northern Rock Upgraded To 'A' On Nationalization; Off Watch Dev; Preference Shares Cut To 'C' Publication date: 18-Feb-2008 Primary Credit Analyst: Richard Barnes, London (44) 20-7176-7227;...

Report Type: Research Update
Ticker: NRK@LN
Issuer: Northern Rock PLC
GICS: Thrifts & Mortgage Finance (40102010)
Sector: Asset-Backed Securities, Commercial MBS, Corporations, Financial Institutions, Global Issuers, Residential MBS, Sovereigns, Structured Finance, Utilities
Country: United Kingdom
Region: Europe, Middle East, Africa
Free Sample: Click Here to Download

Enter the keyword(s) which you would like to search for within this document and click "Search"

Also from S&P Credit Research

Northern Rock PLC Counterparty And Issue Ratings Placed On CreditWatch Negative Due To Planned Legal Restructuring $100.00
LONDON (Standard&Poor's) March 6, 2009--Standard&Poor's Ratings Services today said it had placed its 'A/A-1' counterparty ratings on U.K. bank Northern Rock PLC on CreditWatch with negative implications. The ratings on Northern Rock's senior ...
Research Update: Northern Rock PLC Counterparty And Issue Ratings Placed On CreditWatch Negative Due To Planned Legal Restructuring $175.00
On March 6, 2009, Standard&Poor's Ratings Services placed its 'A/A-1' counterparty ratings on U.K. bank Northern Rock PLC on CreditWatch with negative implications. The ratings on Northern Rock's senior unsecured and subordinated debt were ...
Summary: Northern Rock PLC $175.00
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 ...
Bulletin: Northern Rock PLC Ratings Unaffected By Revised Business Plan $100.00
LONDON (Standard&Poor's) Jan. 19, 2009--Standard&Poor's Ratings Services said today that its ratings on Northern Rock PLC (A/Stable/A-1) are unaffected by the announcement that the bank will slow the pace of balance sheet shrinkage. Northern ...
Northern Rock PLC $400.00
Wholly owned by the U.K. government Funding underpinned by government loan and guarantee arrangements Proposed capital increase of up to £3 billion Expected to be loss making until 2011 Challenging balance sheet reduction targets given current ...
Summary: Northern Rock PLC $175.00
The ratings on U.K. bank Northern Rock PLC primarily reflect its 100% ownership by the U.K. government. In accordance with our rating criteria for government-related entities (see "Rating Government-Related Entities: A Primer," published on ...
Northern Rock PLC Outlook Revised To Stable; 'A/A-1' Ratings Affirmed $100.00
LONDON (Standard&Poor's) Oct. 21, 2008--Standard&Poor's Ratings Services said today it revised its outlook on U.K. bank Northern Rock PLC to stable from positive. At the same time, the long- and short-term 'A/A-1' counterparty credit ratings ...
Research Update: Northern Rock PLC Outlook Revised To Stable; 'A/A-1' Ratings Affirmed $175.00
On Oct. 21, 2008, Standard&Poor's Ratings Services revised its outlook on U.K. bank Northern Rock PLC to stable from positive. At the same time, the long- and short-term 'A/A-1' counterparty credit ratings were affirmed. The ratings primarily ...

S&P Credit Research
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.

Price: $175.00

Free Sample

Questions about
this research?

Send to a friend