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Barclays Bank PLC 'AA/A-1+' Ratings Affirmed On Revised Bid For ABN AMRO Bank; Outlook Stable Jul 07
Standard & Poors, July 2007
Abstract
LONDON (Standard & Poor's) July 23, 2007--Standard & Poor's Ratings Services said today that it affirmed its 'AA/A-1+' long- and short-term counterparty credit ratings on Barclays Bank PLC (Barclays). The outlook is stable. 'The rating action follows the announcement of revised terms for Barclays' proposed takeover of ABN AMRO Bank N.V.,' said Standard & Poor's credit analyst Nick Hill. (ABN AMRO Bank N.V. is rated AA-/Watch Pos/A-1+). Rather than all stock, the offer is now 63% in Barclays shares. The new -16.7 billion cash element (37% of the total consideration) would be mostly funded by the sale of LaSalle Bank N.A. (A+/Watch Pos/A-1) to Bank of America Corp. (AA/Stable/A-1+), and the proceeds from issues of new Barclays shares to Temasek...
Companies mentioned in this report are: Barclays Bank PLC,Bank of America Corp.,The Royal Bank of Scotland N.V.,LaSalle Bank N.A.,China Development Bank,Temasek Holdings (Private) Limited
Action: Affirmed
Action: Outlook: Stable
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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