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ABN AMRO Downgraded To 'A' On Execution Risk Of Merger; Fortis Bank Nederland Affirmed At 'A'; Outlooks Are Stable Jun 10
Standard & Poors, June 2010
Abstract
ABN AMRO Bank N.V. said its merger with Fortis Bank Nederland is on track for July 1. The resulting bank will retain the ABN AMRO Bank N.V. name and brand. Reflecting our view about the combined bank and the merger's execution risk, we lowered our assessment of ABN AMRO's stand-alone credit profile. We are downgrading ABN AMRO to 'A' from 'A+' and affirming FBN at 'A' in advance of the merger. The stable outlooks on ABN AMRO and FBN reflect potential support from the Dutch state shareholder during what we believe will be a difficult merger. We will withdraw the ratings on FBN after the merger takes place. PARIS (Standard & Poor's) June 25, 2010--Standard & Poor's Rating Services said...
Companies mentioned in this report are: ABN AMRO Bank N.V.
Action: Affirmed
Action: Downgraded
Action: Outlook: Stable
Action: On CreditWatch:Negative
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.
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