Business Services Industry
MOODY'S REVIEWS EGG BANKING FOR POSSIBLE DOWNGRADE
Info-Prod Research (Middle East), November, 2007
Moody's today announced it placed on reviewfor possible downgrade the A2/P-1 ratings of Egg Banking (Egg). Moody'salso changed the outlook on the D BFSR to stable from positive. Theaction follows the downgrade to A- from A (on review for possible furtherdowngrade) of the BFSR of its parent Citibank.
Moody's commented that the A2/ Prime-1 deposit ratings of Egg Banking plc(Egg) continue to reflect Moody's assessment of a very high probabilityof potential support for Egg from Citibank based on management control ofEgg and the combination of the Egg business with Citibank's existing UKconsumer businesses. This, the agency said, is the key driver of thelong- and short-term deposit ratings of Egg and the reason for the reviewfor possible downgrade. Moody's said its review would...
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