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Research Update: First Niagara Financial Group Inc. Ratings Affirmed On Plan To Buy 195 HSBC Branches; Outlook Is Stable Aug 11 Product Image

Research Update: First Niagara Financial Group Inc. Ratings Affirmed On Plan To Buy 195 HSBC Branches; Outlook Is Stable Aug 11

  • ID: 2032246
  • August 2011
  • Standard & Poors

Abstract
First Niagara plans to buy 195 branches, including $15 billion of deposits and $2.8 billion in loans, from HSBC Bank USA NA. We are affirming our ratings on First Niagara and its subsidiary, First Niagara Bank N.A. The ratings reflect our expectation that the enhanced market position and earnings capacity FNFG gains as a result of the transaction will mitigate the weakening of its currently robust capital position. Standard & Poor's Ratings Services affirmed its 'BBB' long-term counterparty credit rating on First Niagara Financial Group and its 'BBB+' rating on subsidiary First Niagara Bank N.A. The outlook is stable. On Aug. 1, 2011, Standard & Poor's Ratings Services affirmed its ratings on First Niagara Financial Group Inc. (FNFG; BBB/Stable/--) and...

Companies mentioned in this report are: First Niagara Financial Group Inc.
Action: Affirmed

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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First Niagara Financial Group Inc.

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