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Bulletin: Nationwide Mutual Intercompany Pool Ratings Unaffected By Public Shares Acquisition Aug 08
Standard & Poors, Aug 2008
Abstract
NEW YORK (Standard & Poor's) Aug. 7, 2008--Standard & Poor's Ratings Services said today that it is taking no rating action on the companies of the Nationwide Mutual Intercompany Pool (Nationwide) following the announcement by Nationwide that it has entered into a definitive agreement with Nationwide Financial Services Inc. (NFS; A-/Watch Neg/--) to acquire the outstanding public shares that it does not already own for approximately $2.4 billion in cash. Nationwide, through intermediate holding company Nationwide Corp. (not rated), owns about 66% of the economic interest and about 95% voting interest in NFS. The transaction is expected to be internally funded from existing capital resources and close in fourth-quarter 2008. Nationwide had statutory surplus of $13.8 billion at the end...
Companies mentioned in this report are: Nationwide Mutual Insurance Co.,Nationwide Financial Services Inc.
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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