S&P: Triad on positive watch

Standard & Poor's said it placed its B counterparty rating and B- senior unsecured debt rating on Triad Financial Corp. on Creditwatch positive.

"The rating action follows the closing of Santander Consumer USA's acquisition of Triad. There was no public announcement of the acquisition. Santander Consumer USA, an unrated majority-owned subsidiary of Sovereign Bancorp will call the $60 million of term debt that remains outstanding," said S&P credit analyst Jeffrey Zaun.

"We expect to either assign a rating reflecting the standalone financial profile of Santander Consumer USA and its strategic importance to Sovereign; or, to withdraw its ratings on Triad at the end of the call window on Dec. 1, 2009."

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