S&P ups Northern Rock

Standard & Poor's said it raised its rating on the €200 million 7.053% callable perpetual tier one notes issued by Northern Rock (Asset Management) plc to B from C. The counterparty credit ratings and the ratings on its other debt securities are unaffected, including the C ratings on its €300 million 8.399% reserve capital instruments and its rated upper tier 2 issues.

The upgrade reflects the resumption of coupon payments, S&P said.

The agency also said it expect that the company will continue to satisfy the applicable capital regulations for the foreseeable future.

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