LONDON (Standard & Poor's) Oct. 22, 2008Standard & Poor's Ratings Services said today that it has assigned its 'AAA' credit rating to the first issuance (series 2008-1) under Clydesdale Bank PLC's €9 billion global covered bond program. This series has a nominal amount of £1.85 billion, with an expected maturity date in January 2012 and an extended maturity date in January 2013. The rating reflects our expectation of timely payment of interest and ultimate repayment of principal on or before the extended due-for-payment date of the covered bonds. It also considers: (i) the structural features in place which are expected to mitigate certain liquidity, interest rate, and currency risks; (ii) credit and cash flow analyses to verify that the covered...
Companies mentioned in this report are:
- National Australia Bank Ltd.
- Clydesdale Bank PLC
Action: New Rating
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Research type: News
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