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January 25, 2008 |
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NORTHERN ROCK: Welcomes Paul Thompson as Non-Executive Director Paul Thompson has been appointed to the Board of Northern Rock plc as a non-executive director, effective upon him obtaining approval from the Financial Services Authority under its approved persons regime. Mr. Thompson is a chartered accountant who has spent his career in financial services. He joined Britannic Group as finance director in 2002, subsequently becoming group chief executive. Following the merger of Britannic and Resolution plc, he was appointed chief executive of the enlarged group. He was formerly a managing director in the Merrill Lynch Financial Institutions Group following a six-year period as a director of corporate finance with BZW in London and Canada. "I am delighted to welcome Paul Thompson. Paul will add further skills and experience to the Board of Northern Rock that will be invaluable to our ongoing strategic review," Northern Rock's chairman Bryan Sanderson said. About Northern Rock plc Headquartered in Newcastle upon Tyne, England, Northern Rock plc -- http://www.northernrock.co.uk/mortgages/ -- deals with mortgages, savings accounts, loans and insurance. The company also promotes secured loans to its existing mortgage customers. The company had more than US$200 billion in assets at the end of June 2007. * * * As reported in the TCR-Europe on Jan. 23, 2008, Standard & Poor's Ratings Services lowered the rating on Northern Rock's EUR400 million preference shares and the rating on the EUR400 million notes issued by Saphir Finance PLC and secured over Northern Rock's preference shares to 'B' from 'BB' and remain on CreditWatch with developing implications. The ratings on Northern Rock's other subordinated instruments were affirmed. As reported in the TCR-Europe on Dec. 20, 2007, Moody's Investors Service downgraded to E+ from D+ Northern Rock's Bank Financial Strength Rating. The E+ maps into a Baseline Credit Assessment of B1. The bank's dated subordinated debt was downgraded to B1 from Baa1 and the undated subordinated debt and Tier-1 securities were downgraded to B3 from Baa1 and Baa3 respectively. All of these ratings have negative outlooks. Northern Rock's short- term rating was affirmed at Prime-1. |
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