Mega Posted June 2, 2009 Share Posted June 2, 2009 Wow! Link? Cheers Mike Quote Link to comment Share on other sites More sharing options...
whyohwhy Posted June 2, 2009 Author Share Posted June 2, 2009 That's the same rating as some of first loss pieces of the SubPrime MBS / CDOs from last year.... "junk bond" territory Quote Link to comment Share on other sites More sharing options...
whyohwhy Posted June 2, 2009 Author Share Posted June 2, 2009 (edited) Wow!Link? Cheers Mike Waiting for a web linky - I got it off Bloomberg. * The rating cut to B3 is for their Tier 1 Non-Cumulative Preference shares * Their Junior Subordinated debt is cut from Baa3 (still Investment Grade) to Ba1 (now classified as "High Yield" - akin to the middle/2nd top tranche of a CDO) - it's still on review for further downgrade. Bear in mind Moody's generally apply the stricter methodology compared to S&P and Fitch, but it's not good. Edited June 2, 2009 by whyohwhy Quote Link to comment Share on other sites More sharing options...
kilroy Posted June 2, 2009 Share Posted June 2, 2009 Waiting for a web linky - I got it off Bloomberg.* The rating cut to B3 is for their Tier 1 Non-Cumulative Preference shares * Their Junior Subordinated debt is cut from Baa3 (still Investment Grade) to Ba1 (now classified as "High Yield" - akin to the middle/2nd top tranche of a CDO) - it's still on review for further downgrade. Bear in mind Moody's generally apply the stricter methodology compared to S&P and Fitch, but it's not good. isn't that what the employees bonuses were paid in? Quote Link to comment Share on other sites More sharing options...
grey shark Posted June 2, 2009 Share Posted June 2, 2009 That's the same rating as some of first loss pieces of the SubPrime MBS / CDOs from last year.... "junk bond" territory Most on here knew RBS were junk soon after they bought ABN , nice of Moody's to finally confirm it though Quote Link to comment Share on other sites More sharing options...
kilroy Posted June 2, 2009 Share Posted June 2, 2009 Most on here knew RBS were junk soon after they bought ABN , nice of Moody's to finally confirm it though And some on here knew RBS were junk long before they bought ABN. "it started in Amsterdam/Rotterdam, doncha know?". Quote Link to comment Share on other sites More sharing options...
agmoldham Posted June 2, 2009 Share Posted June 2, 2009 That's the same rating as some of first loss pieces of the SubPrime MBS / CDOs from last year.... "junk bond" territory Bearing in mind that the British taxpayers own the majority of RBS does that mean that UK is also B3? Quote Link to comment Share on other sites More sharing options...
Patfig Posted June 3, 2009 Share Posted June 3, 2009 course, being downgraded is a sign of strength"One has to have been strong to have been downgraded"....N.E.Minister...nulab June 4th 2009 Their strength is their weakness, and their weakness is their strength! Quote Link to comment Share on other sites More sharing options...
Joey Buttafueco Jr Posted June 3, 2009 Share Posted June 3, 2009 Waiting for a web linky - I got it off Bloomberg.* The rating cut to B3 is for their Tier 1 Non-Cumulative Preference shares * Their Junior Subordinated debt is cut from Baa3 (still Investment Grade) to Ba1 (now classified as "High Yield" - akin to the middle/2nd top tranche of a CDO) - it's still on review for further downgrade. Bear in mind Moody's generally apply the stricter methodology compared to S&P and Fitch, but it's not good. Can you check your data as I'm looking on Bloomberg now and see that only Preferred Stock has been downgraded for RBS -from B3 to Ba3. Junior Subordinated debt is Ba2 and has been since 3rd April. I can see a downgrade of Junior Subordinated debt on RBS Capital Trust x and Royal Bank of Scotland PLC (2783Z LN) (this is not the same as the quoted RBS (RBS LN) as far as I can make out) Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted June 3, 2009 Share Posted June 3, 2009 (edited) course, being downgraded is a sign of strength "One has to have been strong to have been downgraded"....N.E.Minister...nulab June 4th 2009 Edited June 3, 2009 by Bloo Loo Quote Link to comment Share on other sites More sharing options...
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