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

  • ID: 2046099
  • October 2008
  • Region: United Kingdom, Great Britain
  • Standard & Poors
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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

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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- National Australia Bank Ltd.
- Clydesdale Bank PLC

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