PHILADELPHIA, April 17 /PRNewswire-FirstCall/ -- Sovereign Bancorp,
Inc. ("Sovereign") (NYSE: SOV), parent company of Sovereign Bank, announced
today that it has received a credit rating upgrade from Moody's Investor
Services ("Moody's"). Moody's stated the ratings reflect Sovereign's solid
market share in its direct banking franchise in the New England and
Mid-Atlantic states and a diversified loan portfolio with no major
concentration risks. The current ratings of Sovereign and its affiliates
are as follows:
Issuer Rating Current Rating Previous Rating
Sovereign
Bancorp, Inc. Senior Unsecured A3 Baa1
Preferred Stock Baa2 Baa3
Subordinated Baa1 Baa2
Sovereign Bank Bank Financial Strength C C-
LT Bank Deposits A2 A3
ST Bank Deposits P-1 P-2
LT Issuer Rating A2 A3
Subordinated A3 Baa1
Sovereign Capital
Trust I, II, III, IV, V, VI Baa1 Baa2
Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), the parent company
of Sovereign Bank, is a $90 billion financial institution with nearly 800
community banking offices, over 2,000 ATMs and approximately 12,000 team
members with principal markets in the Northeast United States. Sovereign
offers a broad array of financial services and products including retail
banking, business and corporate banking, cash management, capital markets,
wealth management and insurance. Sovereign is the 17th largest banking
institution in the United States. For more information on Sovereign Bank,
visit http://www.sovereignbank.com or call 1-877-SOV-BANK.
Note: "Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995. Statements in this press release regarding Sovereign
Bancorp's business which are not historical facts are "forward-looking
statements" that involve risks and uncertainties. For a discussion of such
risks and uncertainties, which could cause actual future events to differ
from those contained in the forward-looking statements, see
"Forward-Looking Statements" in the Company's Annual Report on Form 10-K
for the most recently ended fiscal year.
SOURCE Sovereign Bancorp, Inc.
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Related links:
http://www.sovereignbank.com
CONTACT:
Media, Ed Shultz, +1-610-378-6159,
eshultz1@sovereignbank.com; or Investors, Mark McCollom,
+1-610-208-6426, mmccollo@sovereignbank.com, or Stacey Weikel,
+1-610-208-6112, sweikel@sovereignbank.com, all of Sovereign
Bancorp, Inc.
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