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Moody's affirms Northern Rock, Bradford & Bingley
Moody's Investors Service said it affirmed all outstanding ratings of both Northern Rock Asset Management and Bradford & Bingley plc following the tender offer on Nov. 16 for the repurchase of substantially all remaining subordinated securities issued by these two institutions.
The outlook is stable.
Marjan Riggi, vice president, senior credit officer and lead analyst for Northern Rock Asset Management, said, "the proposed cash tender offer for the lower tier 2 and tier 1 instruments, and the majority of the upper tier 2 instruments, with a book value of about £1.047 million is at a discount to par."
Similar to Northern Rock, Moody's said that Bradford & Bingley has proposed a cash offer for the majority of outstanding subordinated debt instruments. Moody's said that because of the discounted prices, the take up of this offer by investors will create a higher level of core tier 1 for Bradford & Bingley.
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