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Bulletin: Nationwide's U.K. Covered Bond Program Unaffected By Portman Merger Sep 06
Standard & Poors, Sep 2006
Abstract
LONDON (Standard & Poor's) Sept. 14, 2006-Nationwide Building Society recently announced that it is to merge with Portman Building Society, potentially making it the second-largest U.K. mortgage lender. Standard & Poor's Ratings Services does not consider that this merger will have any effect on its 'AAA' credit rating on Nationwide's -14 billion global covered bond program. This view has been taken owing to two primary factors. Firstly, on Sept. 12, 2006 Standard & Poor's affirmed its A+/A-1 ratings on Nationwide. The financial impact of the merger is not considered material. It is subject to the approval of both Portman's members and the Office of Fair Trading. The effective date is likely to be by end-September 2007. Secondly, while Nationwide has...
Companies mentioned in this report are: Nationwide Building Society Global Covered Bond Programme ,Nationwide Building Society
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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