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S&P: Hibernia on watch
Standard & Poor's said it placed its ratings on the $50 million of 9% cumulative trust-preferred securities, rated BBB-, issued by Coastal Capital Trust I on CreditWatch with positive implications.
The ratings of the preferred securities issuer and those of its parent, Hibernia Corp. (BBB+), remain on CreditWatch with negative implications, where they were placed on March 7, as Hibernia Corp. has agreed to be acquired by lower rated Capital One Financial Corp. (BBB-/positive), the agency said.
In the absence of some incremental support, the ratings on the preferred securities issuer would be lowered to those of Capital One at the time of the closing, S&P added.
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