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Article: S&P Places SBCC Ratings on Watch Positive; Fleet Ratings Affirmed.
- Article from:
- PR Newswire
- Article date:
- November 23, 1998
CopyrightCOPYRIGHT 1998 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK, Nov. 23 /PRNewswire/ -- Standard & Poor's today placed its ratings for Sanwa Business Credit Corp. (SBCC) on CreditWatch with positive implications following the announced agreement to sell SBCC to Fleet Financial Group (see list below). The ratings of Fleet and its affiliates are affirmed, and the outlook remains stable. Upon completion of the merger, SBCC's ratings will be raised to reflect those at Fleet's bank.
Standard & Poor's believes that SBCC will complement Fleet's existing leasing businesses while benefiting from Fleet's lower funding costs. In recent months, the credit markets have penalized SBCC with higher interest rates because of its ...