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Standard & Poor’s places Bradford & Bingley on negative creditwatch

Standard & Poor has placed its ‘A-1’ short-term counterparty credit rating on Bradford & Bingley PLC on creditwatch with negative implications.

It says that this move follows B&B’s 2007 results released last week.

S&P credit analyst Nick Hill says:”The creditwatch placement follows B&B’s 2007 results and reflects our view that the combination of rising impairments, potential margin pressure and further markdowns, and continued challenging funding conditions may not be consistent with the current rating.”

S&P says that: “B&B’s liquidity position, although sound, was not as strong as we expected after the sale of various loan books.”

S&P adds that term funding clearly remains challenging and the public securitization markets currently appear unlikely to provide material funding for specialist lenders in 2008.

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