Moody's boosts Sovereign Bancorp

Moody's Investors Service said it raised the senior unsecured ratings on Sovereign Bancorp and its affiliates to Baa1 from Baa3 and the long term deposit ratings on Sovereign Bank to A3 from Baa1.

Moody's said it also raised the senior unsecured ratings of Independence Community Bank Corp to Baa1 from Baa3 and the long term deposit ratings on Independence Community Bank to A3 from Baa1 following its acquisition by Sovereign.

Moody's noted it expects that Independence Community Bank will be merged into Sovereign Bank before year-end.

Moody's noted that the upgrade of Sovereign's debt and deposit ratings is attributable to the Federal Reserve's source of strength doctrine whereby Santander will be responsible for providing support to Sovereign Bank in the event such action were necessary.

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