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Bulletin: Royal Bank of Canada Ratings Remain Unchanged Following Sale Of RBC Bank (USA) Jun 11
Standard & Poors, June 2011
Abstract
TORONTO (Standard & Poor's) June 21, 2011--Standard & Poor's Ratings Services today said its ratings on Royal Bank of Canada (RBC; AA-/Positive/A-1+) remain unchanged following the bank's announced sale of RBC Bank USA. RBC has entered into a definitive agreement to sell its U.S. regional retail banking operations to PNC Financial Services Group, Inc. (A/Stable/A-1) for approximately US$3.62 billion consisting of US$3.45 billion for the purchase of RBC Bank (USA) and US$165 million for the purchase of related credit card assets. The purchase price consists of cash and PNC common stock of up to US$1 billion at PNC's option. RBC will maintain its existing cross-border banking platform. We view this transaction as a positive development for RBC as the bank...
Companies mentioned in this report are: Royal Bank of Canada
Action: Bulletin
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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