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
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.
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