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Barclays Global Investors Trust Downgraded To 'A+' On Conclusion Of Acquisition Agreement Dec 07
Standard & Poors, Dec 2007
Abstract
TOKYO (Standard & Poor's) Dec. 13, 2007--Standard & Poor's Ratings Services today lowered its long-term counterparty credit rating on Barclays Global Investors Trust & Banking Co. Ltd. (BTB) to 'A+' from 'AA-', after confirming that the acquisition agreement of BTB by Sumitomo Trust & Banking Co. Ltd. (A+/Stable/A-1) had been concluded. At the same time, Standard & Poor's removed the rating from CreditWatch, where it had been placed on April 17, 2007, when Sumitomo Trust announced that it had entered a share purchase agreement to acquire 100% of BTB's outstanding shares from Barclays Global Investors UK Holdings Ltd. According to the agreement, BTB's shares will be transferred to Sumitomo Trust on Jan. 31, 2008, and BTB will merge with Sumitomo...
Companies mentioned in this report are: Barclays Global Investors Trust & Banking Co. Ltd.,Barclays Bank PLC
Action: Downgraded
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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