Credit protection for troubled European financials remains stable

Today, Abbey National confirmed it will suffer a loss in 2002 after a £1.9 billion profit last year. Britain's sixth biggest bank also said it expected to cut its dividend. Abbey has been troubled in recent months by rising bad debts, slumping profits and a management shake-up in July that saw the dismissal of its former chief executive, Ian Harley. In October, Abbey rejected a takeover offer from Bank of Ireland. S&P revised its outlook on Abbey to negative on Monday.

However, the cost of

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