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'AA/A-1+' Ratings on Robert Fleming and Abbey National Affirmed; Outlook Stable May 01
Standard & Poors, May 2001
Abstract
LONDON (Standard & Poor's CreditWire) May 15, 2001--Standard & Poor's today affirmed its double-'A' long-term and its 'A-1'-plus short-term credit ratings on Robert Fleming & Co. Ltd. (RF&Co) and on Abbey National PLC and related entities. The outlooks are stable. This rating action follows yesterday's announcement that Abbey National, through its subsidiary Cater Allen Ltd. (not rated), will buy Fleming Premier Banking--by way of purchasing the shares in RF&Co--from J.P. Morgan Chase & Co. (AA-/Stable/A-1+). Completion is expected in July. Abbey National will extend its guarantee and financial support of Cater Allen Ltd., the existing private banking subsidiary of Abbey National, to RF&Co. Initially run alongside Cater Allen, RF&Co will eventually be subsumed by it. The business profile of RF&Co...
Companies mentioned in this report are: JPMorgan Chase Bank N.A.,JPMorgan Chase & Co.,Santander UK PLC
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.
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