MOODY'S ASSIGNS PROVISIONAL RATINGS TO ABBEY NATIONAL'S MULTIPLE SENIORITY SHELF ISSUE
London, May 12, 1997 -- Moody's Investors Services has assigned provisional ratings for Debt Securities totaling US$3.915bn to be issued under a shelf registration by three entities of the Abbey National group.
The ratings for Subordinate debt securities, Perpetual subordinate debt securities and Perpetual subordinate capital securities have been set at one level below Abbey National's senior debt - rated at Aa2 -. This rating differential takes into account the special characteristics of junior subordinated securities, where the borrower can, in certain circumstances, defer payment of interest, as well as the view that Abbey National's financial strength substantially reduces the additional credit risks associated with these instruments.
Abbey National plc is the United Kingdom's fifth largest bank. It is headquartered in London and its consolidated assets amounted to GBP 124 billion (approx. USD 199 billion) at 31 December 1996.
Specific ratings assigned are as follows:
Abbey National plc Subordinate debt securities (P)Aa3
Perpetual subordinate debt securities (P)Aa3
Perpetual subordinate capital securities (P)Aa3
Abbey National First Capital BV Subordinate debt securities (P)Aa3
Perpetual subordinate debt securities (P)Aa3
Perpetual subordinate capital securities (P)Aa3
Abbey National Treasury Services plc Senior debt securities (P)Aa2
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