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Barnett Banks Upgraded,Off S&PWatch;Acqd by NationsBnk Jan 98
Standard & Poors, Jan 1998
Abstract
NY -- Standard & Poor's CreditWire 1/9/98 -- Standard & Poor's today raised its ratings on Barnett Banks Inc. and its subsidiaries (see list below) and removed the ratings from CreditWatch, where they were placed Aug. 29, 1997. About $1.4 billion of outstanding long-term debt and trust preferred securities is affected. The rating actions follow the acquisition of Barnett by the significantly larger and financially stronger NationsBank Corp. The combination with Barnett, already the leading bank in Florida with $33 billion of deposits, gives NationsBank the dominate market share in that state, even after taking into consideration branch divestitures due to antitrust considerations. Standard & Poor's estimates that the combined institution has nearly $50 billion of deposits in Florida for...
Companies mentioned in this report are: Barnett Banks Inc.,Bank of America Corp.,Barnett Bank, N.A., Jacksonville, FL,Barnett Bank of Southwest Georgia,Barnett Bank of Southeast Georgia, NA,Barnett Capital Trust I,Barnett Capital Trust II,Barnett Capital Trust III
Action: Upgraded, Off CreditWatch
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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