HBOS-S&P cut ratings on Britain's biggest home lende

Short_Seller

Surprised no posts on this, as it has major implications on its credit default swaps..

http://uk.reuters.com/article/hotStocksNews/idUKLG71095220080916

Ratings agency S&P cut HBOS' long-term counterparty credit rating from AA-, citing concerns over its financial profile.

"The rating action reflects Standard & Poor's opinion that HBOS' financial profile is less well positioned to manage the deteriorating environment than 'AA' rated global peers," S&P credit analyst Nigel Greenwood said in a statement.

BACKFRMTHEEDGE

Hey short seller - you are not short on HBOS by any chance and be trying to encourage a run are you?

funguy

The Government would nationalise HBOS if it came to it as the implications on the UK economy and "normal" people would be disasterous otherwise!!

oldsport

HBOS seems a sound business, totally different to Northen Rock - so nationalisation would definitely be justified

purch

"The rating action reflects Standard & Poor's opinion that HBOS' financial profile is less well positioned to manage the deteriorating environment than 'AA' rated global peers,"

That must come a huge shock !!!!! :rolleyes:

The UK's biggest Mortgage providor downgraded.....wow anyone would think house prices might be falling !!!!!!!!!!

Short_Seller

No on both!! The last thing I want to see is another run on a bank by uninformed retail panic...

I was just pointing it out, as I've posted before, people need to keep a check on Credit ratings.
Even Martin points this out in "are your savings safe article". :money: