Moody's reviewing Northern Rock's Aaa covered bonds for possible downgrade |
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Published
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Tue, 20 Nov 2007 17:49
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NEW YORK (Thomson Financial) - Moody's Investors Service said it was reviewing the Aaa covered bonds issued by Northern Rock Plc for a possible downgrade.Moody's on Monday had downgraded the U.K. mortgage lender's bank financial strength rating to D+ from C-, with a developing outlook. Moody's said it's action on Northern Rock's covered bonds also follows its decision to change the direction of the review of the company's Aa3 long-term bank deposit rating to 'possible downgrade' from 'direction uncertain.'Moody's said it views 'the level of linkage between Northern Rock and its covered bonds as relatively high for a covered bond programme.'Tomi Kilgoretk1COPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Banco Espirito's covered bonds assigned long-term '(P)Aaa' ratings - Moody's 