Financial Services And Consultants, Stock Investment Advice - Home Spacer Investor Insight Spacer Devere Login
Home
Investor Insight
deVere Login
 
 
PIC logo
                 
 
           
 
       
 
PIC
 

P.I.C. - News

Skip Navigation Links
 
         

Home >  Label  >  Label
 
   

28 Mar, 2008


Fitch Ratings has downgraded Alliance & Leicester, saying the action reflects the lender's weak access to funding compared with higher rated banks.

A&L's long term issuer default rating was cut to A+ from AA- and the short term IDR to F1 from F1+.

The outlook for A&L's long term IDR was changed to stable.

Fitch says the ratings reflect A&L's weaker prospects for reporting growth in profitability in 2008 and 2009, in view of higher funding costs and possible further writedowns on its structured credit portfolio.

A Fitch statement says: "These ratings also take account of the uncertainty surrounding the UK housing and mortgage lending market. A&L's capitalisation is acceptable.

"The sound asset quality of A&L's residential mortgage book and its ability to pre-fund its business into Q1 2009 are also incorporated into the ratings and underpin the stable outlook."



       
Contact Us
Valid XHTML 1.0 Transitional