Summary: Ratings On 32 Northern Trust Co. LOC-Backed Issues Lowered To 'AA-/A-1+'; Insured Liquidity; Letter of Credit Jan 12
Standard & Poors, January 2012
Abstract
Standard & Poor's Ratings Services lowered its ratings on 32 Northern Trust Co. letter of credit (LOC)-backed U.S. public finance issues to 'AA-/A-1+' from 'AA/A-1+'. These actions follows Standard & Poor's Dec. 6, 2011, downgrade of its rating on the Northern Trust Co. to 'AA-/A-1+' from 'AA/A-1+' (please see "Standard & Poor's Applies Its Revised Bank Criteria To 31 North American Regional Banks And Their Subsidiaries," published Dec. 6, 2011, on RatingsDirect on the Global Credit Portal.). The issues have credit support provided by the Northern Trust Co. in the form of LOCs, which provide for the full and timely payment of interest and principal according to the transaction's terms. Criteria: Methodology And Assumptions: Approach To Evaluating Letter Of Credit-Supported...
Companies mentioned in this report are: Branson Sch,The Northern Trust Co.
Action: Downgraded
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Branson Sch,The Northern Trust Co.
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