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Rating Assigned To Clydesdale Bank PLC's U.K. Covered Bond Issuance Series 2008-1 Oct 08 Product Image

Rating Assigned To Clydesdale Bank PLC's U.K. Covered Bond Issuance Series 2008-1 Oct 08

  • Published: October 2008
  • Region: United Kingdom, Great Britain
  • Standard & Poors

Abstract
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:
- Clydesdale Bank PLC Global Covered Bond Programme
- National Australia Bank Ltd.
- Clydesdale Bank PLC

Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress READ MORE >

- Clydesdale Bank PLC Global Covered Bond Programme
- National Australia Bank Ltd.
- Clydesdale Bank PLC

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