Fitch rates Sovereign Bancorp notes BBB-

Fitch Ratings said it assigned a long-term debt rating of BBB- to Sovereign Bancorp Inc.'s $500 million of senior notes.

The notes were issued in two tranches, including $200 million of 3.5-year floating-rate notes maturing on March 1, 2009 and $300 million of five-year fixed-rate obligations maturing on Sept. 1, 2010.

The outlook is positive.

Fitch said the assigned rating and outlook are consistent with Sovereign Bancorp's current ratings.

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