Abstract: LONDON (Standard&Poor's) Sept. 29, 2008—Standard&Poor's Ratings Services said today that it has placed on CreditWatch with negative implications its "AVERAGE" servicer ranking on Wachovia Bank International (Ireland). This CreditWatch negative placement follows the purchase of Wachovia Corporation and the banking operations of Wachovia Bank N.A. and its subsidiaries by Citigroup Inc. The placement also reflects the uncertainties that the purchase presents regarding the plans for Wachovia's servicing operations. It is currently difficult to assess what the near-term and ultimate effect, if any, on the loan servicing businesses and operations will be. However, we will continue to monitor the situation, comment as developments unfold, and resolve the CreditWatch placement in due course. Further information on this servicer

Brief Excerpt: RESEARCH Ratings Definitions Servicer Ranking On Wachovia Bank International (Ireland) Placed On CreditWatch Negative Publication date: 29-Sep-2008 Servicer Analysts: Beverley Dunne, London (44) 20-7176-3957; beverley_dunne@standardandpoors.com...

Report Type: News
Issuer: Wachovia Bank International (Ireland)
Sector: Servicer Evaluations, Structured Finance
Country: Ireland
Region: Europe, Middle East, Africa
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 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.