S&P downgrades Northern Rock's credit rating
Standard & Poor's has downgraded Northern Rock's long-term credit rating following its acquisition by Virgin Money.
Its rating has been downgraded from A- to BBB+, while its short-term rating of A-2 has been affirmed, and its outlook has been rated as stable.
Standard & Poor's says that under its revised bank criteria, its ratings for Northern Rock must be based on the groups credit profile of Virgin Money and Northern Rock. It says its assessment of the consolidated firm's profile reflects its weak business position, strong capital and earnings, adequate risk position, average funding and adequate liquidity.
Source: Mortgage Strategy
13 January 2012
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