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Review Results In Changes To Certain U.S. Financial Institutions' Hybrid Capital Issue Ratings Feb 09 Product Image

Review Results In Changes To Certain U.S. Financial Institutions' Hybrid Capital Issue Ratings Feb 09

  • Published: February 2009
  • Standard & Poors

FEATURED COMPANIES

  • CIT Group Inc.
  • Citigroup Inc.
  • Morgan Stanley
  • SunTrust Banks Inc.
  • TD Bank US Holding Co.
  • MORE

Abstract
On Feb. 24, 2009, Standard & Poor's Ratings Services lowered its issue ratings on 45 U.S. financial institutions, including the majority of rated U.S. banks (see "Issue Ratings On Certain U.S. Financial Institutions- Hybrid Capital Securities Lowered," published Feb. 24, 2009, on RatingsDirect). The ratings action came after a review of our issue ratings on the hybrid capital securities of certain U.S. financial institutions. We did not change any of the counterparty credit ratings (CCRs) on these companies. Most types of hybrid capital instruments-–such as trust-preferred stock, enhanced trust-preferred stock, and noncumulative perpetual preferred stock--afford equity benefit to issuers, in part, by having ongoing interest or dividend payments that are deferrable or cancelable at the discretion of the issuer, in...

Companies mentioned in this report are:
- CIT Group Inc.
- SunTrust Banks Inc.
- Morgan Stanley
- Citigroup Inc.
- The Goldman Sachs Group Inc.
- TD Bank US Holding Co.

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, READ MORE >

- CIT Group Inc.
- SunTrust Banks Inc.
- Morgan Stanley
- Citigroup Inc.
- The Goldman Sachs Group Inc.
- TD Bank US Holding Co.

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