Business Services Industry
UK: MOODY'S DOWNGRADES NORTHERN ROCK'S BFSR, SUBORDINATED DEBT AND TIER-1 SECURITIES.
IPR Strategic Business Information Database, November, 2007
Moody's announced today that it had downgraded Northern Rock's Bank Financial Strength Rating (BFSR) to D with a negative outlook from C- with a developing outlook. The D maps into a Baseline Credit Assessment of Ba1. The bank's subordinated debt and Tier-1 securities were downgraded to Baa1 and Baa3 respectively and the direction of the review on these ratings was changed to possible downgrade from direction uncertain.
The direction of the review on the bank's Aa3 long-term bank deposit rating was also changed to possible downgrade from direction uncertain. Northern Rock's short-term rating was affirmed at Prime-1. In taking this rating action, Moody's emphasised that the support extended by the Bank of England to Northern Rock in the form of liquidity...
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