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Barclays Bank And DnB NOR Bank Hybrid Ratings Raised To 'A-' And 'BBB+' Respectively On Resumption Of Ordinary Dividends Feb 10
Standard & Poors, Feb 2010
Abstract
LONDON (Standard & Poor's) Feb. 22, 2010--Standard & Poor's Ratings Services said today that it raised its issue ratings on Barclays Bank PLC's (Barclays; AA-/Negative/A-1+) hybrid capital securities to 'A-' from 'BBB+' and raised those on DnB NOR Bank ASA (DnB NOR; A+/Stable/A-1) to 'BBB+' from 'BBB'. We classify perpetual, deferrable junior subordinated debt and preference shares as hybrid capital securities. In March 2009, for European banking groups, we widened the gap between the long-term counterparty credit rating and the hybrid security rating to three notches in most cases, and to four or more notches in certain instances related to various factors including the elimination of ordinary dividends by the hybrid issuer. Barclays and DnB NOR were two of the...
Companies mentioned in this report are: Barclays Bank PLC,DNB Bank ASA
Action: Upgraded
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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