First Niagara Financial Group Inc. Ratings Affirmed On Plan To Buy 195 HSBC Branches; Outlook Is Stable Aug 11
Standard & Poors, August 2011
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. NEW YORK (Standard & Poor's) Aug. 1, 2011--Standard & Poor's Ratings Services said today that it affirmed its ratings on First...
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.
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.
First Niagara Financial Group Inc.
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