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BULLETIN: Woolwich PLC to Merge Into Barclays Bank PLC Oct 03
Standard & Poors, Oct 2003
Abstract
LONDON (Standard & Poor's) Oct. 31, 2003--Standard & Poor's Ratings Services said today that the proposed transfer of Woolwich PLC (Woolwich; AA/Stable/A-1+) to Barclays Bank PLC (Barclays; AA/Stable/A-1+) would have no impact on the counterparty credit ratings on Barclays nor the ratings on Woolwich's rated bond issues. The transfer, scheduled to take place on Dec. 1, 2003, involves substantially all of Woolwich's business, assets, and liabilities. Woolwich's senior and subordinated bonds will become, respectively, senior and subordinated obligations of Barclays. In all other respects, Woolwich bondholders' rights will be unchanged. Barclays will continue to use the Woolwich brand for retail banking products including mortgages and savings. Standard & Poor's has viewed Woolwich as a core subsidiary of Barclays since its...
Companies mentioned in this report are: Woolwich PLC,Barclays Bank PLC
Action: S&P Event
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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