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BULLETIN: Royal Bank of Canada Outlook Unchanged After Announced Litigation Reserve
Standard & Poors, Oct 2005
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
TORONTO (Standard & Poor's) Oct. 19, 2005--Standard & Poor's Ratings Services today said that the negative outlook on Royal Bank of Canada (AA-/Negative/A-1+) remains unchanged following the bank's announcement that it plans to establish a litigation reserve in the pretax amount of US$500 million (after-tax impact of US$255 million) in fourth-quarter 2005 for Enron-related matters. Although Royal Bank has made an estimate on the litigation charge, the magnitude of the settlement related to the larger Newby class action suit remains unclear. The negative outlook is in place until the overhang of the Enron litigation risk is resolved....
Companies mentioned in this report are: Royal Bank of Canada
Action: Bulletin
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