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Bradford And Bingley Cut To C Rating By Moodys

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Forget the US for a moment. The extent of Britain's own massive sub-prime lending problem is becoming increasingly apparent:

The Sunday Times

March 23, 2008

Bradford & Bingley hit by rating cut from Moody’s

THE buy-to-let mortgage specialist Bradford & Bingley has had a key credit-rating cut by Moody’s, amid a sharp jump in the number of customers falling behind with repayments.

B&B’s “bank financial strength rating” (BFSR) has been cut by the agency from C+ to C, with warnings of further downgrades to come.

The ratings agency describes the BFSR as “a measure of the likelihood that a bank will require assistance from third parties such as its owners, its industry group or official institutions”.

If the rating were cut one more notch, the Moody’s definitions suggest the bank could potentially require support from the Bank of England.

Separately, regulatory filings made by B&B’s wholesale funding vehicles late last week indicated that the bank has seen customer arrears jump by between 40% and 50% since December...........

BTW A C rating is junk status

Sunday Times

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So it's Bradford and Bingley's turnn today. Don't get me wrong here, I know it's all very important news and

people need reassurance that their savings are safe, and as the Government showed with Northern Rock, they

will take any steps needed to ensure they are, which to me is no bad thing.

You only need to look back at the early nineties when repossessions were soaring. Some of the big banks

share prices fell to near worthless but it all got sorted out in the end. And life goes on.

Personally, I think the most important thing we all need to take into account here, is the fact that if my aunty

had b*lls she'd be my uncle.

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We need a HPC bank run hit squad ready to be called up a moment's notice to start queing up outside the nearest branch of a given bank to BBC headquarters.

:lol:

yes - but first we'd need to open £10 accounts with all banks / BS's - would look silly queuing for nothing (woman behind B&B counter - "Yes madam, sorry about your 2 day wait, how can I help" "oh sorry - I thought you were Barclays! Oops!")

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So it's Bradford and Bingley's turnn today. Don't get me wrong here, I know it's all very important news and

people need reassurance that their savings are safe, and as the Government showed with Northern Rock, they

will take any steps needed to ensure they are, which to me is no bad thing.

You only need to look back at the early nineties when repossessions were soaring. Some of the big banks

share prices fell to near worthless but it all got sorted out in the end. And life goes on.

Personally, I think the most important thing we all need to take into account here, is the fact that if my aunty

had b*lls she'd be my uncle.

But she might be a Para and then decide that she wants to be your Aunt! :blink:

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Forget the US for a moment. The extent of Britain's own massive sub-prime lending problem is becoming increasingly apparent:

BTW A C rating is junk status

Sunday Times

Hopes and dreams. Aren’t they fragile? :rolleyes:

Edited by Bear Goggles

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Hopes and dreams. Aren’t they fragile? :rolleyes:

"My nice little earner" :lol::lol::lol:

The pixie girl in the bowler hat should have lost some of her charm now.

I'd love B&B to come unstuck just for those horrible smug adverts.

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BTW A C rating is junk status

Oh dear... I'm just trying to transfer my ISA from them. I didn't notice in the terms and conditions when I opened it that they aim to transfer the ISA in - wait for it - 30 days! That's not even a guarantee. Just how long does it take for them to print out a cheque and post it to another bank? Scumbags.

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That reminds me what happened to AMBAC and MBIA? Were'nt they at risk of having their ratings downgraded.

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Forget the US for a moment. The extent of Britain's own massive sub-prime lending problem is becoming increasingly apparent:

<Link describing the Bank Financial Strength Rating for B&B being reduced by Moodys from C+ to C>

BTW A C rating is junk status

Sunday Times

You are confusing Bank Financial Strength Rating with Credit Rating.

Moodys has reduced the Credit Rating of B&B, but not to C (I think it was from A to A-)

B&B is NOT junk

Making such a comment is showing an irresponsible degree of ignorance.

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You are confusing Bank Financial Strength Rating with Credit Rating.

Moodys has reduced the Credit Rating of B&B, but not to C (I think it was from A to A-)

B&B is NOT junk

Making such a comment is showing an irresponsible degree of ignorance.

Methinks thou doth protest just a little too much ;)

Perhaps you should address your remark about ignorance to the Times journo who, rightly, describes this a reduction in a"key credit-rating" with warnings from Moody's of "further downgrades to come

THE buy-to-let mortgage specialist Bradford & Bingley has had a key credit-rating cut by Moody’s, amid a sharp jump in the number of customers falling behind with repayments.

B&B’s “bank financial strength rating” (BFSR) has been cut by the agency from C+ to C, with warnings of further downgrades to come.

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You are confusing Bank Financial Strength Rating with Credit Rating.

Moodys has reduced the Credit Rating of B&B, but not to C (I think it was from A to A-)

B&B is NOT junk

Making such a comment is showing an irresponsible degree of ignorance.

Can you then explain what BFSR (from the article) actually is? What does it measure?

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Guest grumpy-old-man
Can you then explain what BFSR (from the article) actually is? What does it measure?

I would also be very interested to see the answer to this one.

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B&B’s “bank financial strength rating” (BFSR) has been cut by the agency from C+ to C, with warnings of further downgrades to come.

The rating should reflect what is KNOWN at the time.

If they expect further downgrade, then that MUST reflect on the current rating.

So the question is; Is it getting worse or not?

The FSA should be on this.

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Given that the (first day's) run on Northern Rock was caused largely by their website going down, I wonder if some intrepid young scamp won't DDoS B&Bs website to cause a run on them too, shorting their shares on IG?

EDIT: DDoS is a way of overloading a website causing it to crash, if you don't know. Now I've said that, if that does happen, I can guarantee someone will find this post and I wwould be paraded on the papers as the demon short-seller who destroyed Bradford and Bingley, get arrested and eventually die of AIDS in prison, convicted in the court of public opinion. *shrugs*

Edited by agb41

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Given that the (first day's) run on Northern Rock was caused largely by their website going down, I wonder if some intrepid young scamp won't DDoS B&Bs website to cause a run on them too, shorting their shares on IG?

N.b. DDoS is a way of overloading a website causing it to crash, if you don't know.

Excellent advice. Tell me, has the colic cleared yet, and by all accounts sudacream is top draw for nappy rash.

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Bradford and Bingley the UK's biggest provider of BTL mortgages ...........

No,no,no,no,no, you see you're just not keeping up so speed with it all according cells it's HBOS

but then again it could be A&L or maybe even Barclays fact is your only option is to fill your boots

with gold, hold on to it for six months and end up totally potless.

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  • 297 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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