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BULLETIN: HSBC Bank PLC Offers To Exchange Marks and Spencer Financial Services Notes Nov 04
Standard & Poors, Nov 2004
Abstract
LONDON (Standard & Poor's) Nov. 9, 2004--Standard & Poor's Ratings Services said today that the ratings on the senior unsecured euro medium-term notes issued by Marks and Spencer Financial Services p.l.c (M&SFS; notes rated BBB/Watch Pos) are unchanged following the announcement that HSBC Bank PLC (AA-/Stable/A-1+) is to launch an exchange offer for them. HSBC Bank today completed the previously announced acquisition of Marks and Spencer Retail Financial Services Holdings Ltd. (not rated; the holding company of M&SFS) for -762 million. HSBC Bank will now make an offer to all holders of M&SFS' 21 outstanding note issues to exchange them for senior unsecured notes issued by HSBC Bank with the same respective nominal amounts, coupons, and maturities. Since Standard &...
Companies mentioned in this report are: HSBC Bank PLC
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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