Standard & Poor's affirmed its ratings on H.F. Ahmanson & Co. and units, and on Great Western Financial Corp. and units, after Ahmanson's announcement of an unsolicited bid for Great Western.

About $1.7 billion of Ahmanson securities and $4.5 billion of Great Western securities are affected.

Should a merger occur based on the proposed financial terms and conditions, S&P said, it expects the combined entity's financial and business profile to remain consistent with the individual companies' current ratings.

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