NEW YORK - Standard & Poor's has placed the debt of National Westminster Bank's U.S. subsidiaries on "credit watch with developing implications" following disclosure that the British parent is trying to sell them.
The rating agency placed the debt of National Westminster Bancorp, National Westminster Bancorp of New Jersey, and Natwest Bank under review.
S&P said the U.S. banking operations are in "strong financial condition" and of a significant size to preclude a weak institution from completing an acquisition. S&P's ratings could change based on the ratings of an acquirer.
Standard & Poor's affirmed its ratings on the parent company.