|
|
 |
|
Viewing report
|
|
|
|
Bradford & Bingley PLC Sep 11
Standard & Poors, Sep 2011
Abstract
100% ownership by the U.K. government. Support arrangements for senior creditors. Significant interest-free funding from the government. A prolonged wind-down following nationalization. Reduced medium-term profitability due to a significant increase in the interest rate charged by the government on B&B's working capital facility. Poor asset quality with recent improving trend in impairment charges primarily due to low interest rates. The ratings on U.K. incorporated Bradford & Bingley PLC (B&B) reflect Standard & Poor's Ratings Services' view of its 100% ownership by the U.K. government. State ownership and its associated support provide B&B with substantial liquidity resources and, in our view, essentially remove funding risks. Of material importance to the ratings is the fact that the government has stated that it...
Companies mentioned in this report are: Bradford & Bingley PLC
Action: Review
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: Full Analysis
|
|
|
|
