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Bank of Scotland PLC's New Issuance Program Rated 'AAA/A-1+'; Backed By U.K. Guarantee Oct 08
Standard & Poors, Oct 2008
Abstract
LONDON (Standard & Poor's) Oct. 16, 2008--Standard & Poor's said today that it had assigned ratings to Bank of Scotland PLC's (AA-/Watch Pos/A-1+) new -20 billion guaranteed euro-denominated medium-term note, commercial paper, and certificate of deposit program. Issuance under the program is guaranteed by the U.K. (AAA/Stable/A-1+). We have assigned program ratings of 'AAA/A-1+', in line with the sovereign rating on the U.K., which has unconditionally and irrevocably guaranteed the timely payment by Bank of Scotland of all sums falling due under the program. The program allows for maturities from one day to three years, and obligations are unsecured and unsubordinated. The guarantee terminates at midnight on April 13, 2012. The U.K. government announced on Oct. 13, 2008, that the...
Action: New Rating
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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