Standard & Poor's Corp. put Beneficial Corp. and its units on the CreditWatch list with developing implications after the company announced it had hired Goldman, Sachs & Co. and Merrill Lynch & Co. to explore strategic alternatives.

Previously, Standard & Poor's outlook on Beneficial had been negative because of the "more difficult operating environment for the company's core consumer finance business."

Beneficial will remain on the CreditWatch list until it announces the results of its strategic review, Standard & Poor's said.

Beneficial announced Tuesday that it had hired the investment banks for the strategy review. The announcement sent the company's stock soaring more than $30 a share.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.