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Bulletin: First Niagara Financial Group Inc. Ratings Unaffected By Planned Acquisition Aug 10
Standard & Poors, Aug 2010
Abstract
NEW YORK (Standard & Poor's) Aug. 19, 2010--Standard & Poor's Ratings Services said today its ratings on First Niagara Financial Group Inc. (FNFG; BBB-/Stable/--) and its subsidiary First Niagara Bank (BBB/Stable/--) are not affected by the planned acquisition of New Alliance Bancshares Inc. (NAB), a $9 billion bank holding company based in New Haven, CT. The transaction will result in a $29 billion organization with a 340-branch franchise from western Pennsylvania through Connecticut. FNFG will fund the $1.5 billion acquisition cost with 86% stock and 14% cash. This would be FNFG's third major acquisition since 2009, essentially tripling its size in two years. We remain concerned about FNFG's rapid growth and the integration challenges posed by this and other recent...
Companies mentioned in this report are: First Niagara Financial Group Inc.,First Niagara Bank
Action: Bulletin
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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