City National Corp. (CYN) Ratings Placed on CreditWatch Positive by S&P (RY)

Standard & Poor's Ratings Services said today that is has placed its 'BBB+/A-2' counterparty credit ratings on City National Corp. (NYSE: CYN) on CreditWatch with positive implications.

"The CreditWatch positive placement follows Royal Bank of Canada's (AA-/Negative/A-1+) announcement that it has agreed to acquire the bank," said Standard & Poor's credit analyst Rian Pressman. As announced, the $5.4 billion purchase price will include a payment of cash and stock to City National's shareholders.

Following the successful completion of the acquisition, we expect to upgrade our ratings on City National Corp., and will likely equalize them with those on Royal Bank of Canada.

You May Also Be Interested In

• EQT Corp. (EQT) PT Lowered to $46 at Wolfe Research
• Blackstone (BX) to Acquire Tropical Smoothie Cafe
• Boeing (BA) PT Lowered to $240 at Stifel