Countrywide Banking Corp. On S&P Watch Pos.MELBOURNE, Australia--(BUSINESS WIRE)--July 29, 1998--Standard & Poor's CreditWire 7/29/98--Standard & Poor's today placed its single-'A'/'A-1' ratings of Countrywide coun·try·wide adv. & adj. Throughout a whole country; nationwide: launched a fundraising campaign countrywide; a countrywide search. Adj. 1. Banking Corp. Ltd. (Countrywide) on CreditWatch with positive implications following the announcement by Lloyds Bank This article is about the British high street bank. For the insurance underwriters, see Lloyds of London. For Christopher Lloyd, the American rapper, see Lloyd Banks. Not to be confused with Lloyd's Register. PLC (short-term rating of 'A-1'-plus) that it has reached an in-principle agreement with the Bank of Scotland Bank of Scotland plc is a commercial and clearing bank, based in Edinburgh, Scotland. With a history dating to the 17th century, it is the oldest surviving bank in what is now the United Kingdom, and is the only commercial institution created by the Parliament of Scotland to (single-'A'-plus/Stable/A-1) to acquire that bank's wholly-owned subsidiary, Countrywide. Lloyds Bank PLC currently operates in the New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. market through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. The National Bank of New Zealand  The National Bank of New Zealand (NBNZ) is one of New Zealand's largest banks. (double-'A'-minus/Stable/'A-1'-plus).The acquisition is subject to a due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. review that is expected to take two-three weeks to complete and requires regulatory approval. The rating action affects about NZ$3.25 billion of debt in the name of Countrywide Banking Corp. Ltd. and its wholly owned and guaranteed subsidiary, Countrywide Corp. Ltd. Countrywide predominantly operates in the retail market through 68 branches, which is a relatively small branch network in the New Zealand context. With assets totaling NZ$8.48 billion at February 1998, Countrywide has a market share of about 6.35% of total system assets. Noting its origins as a building society, the bank's core activities traditionally have concentrated on the consumer market and, in particular, the retail mortgage market, where its has a higher market share. The combined assets of Countrywide and The National Bank of New Zealand will total approximately NZ$28.3 billion, making it one of the largest banks in the New Zealand market, Standard & Poor's said. -- CreditWire
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