Northern Rock and Bradford & Bingley, two U.K. lenders hard-hit by the financial crisis and subsequently nationalized, are being integrated.

Under the current integration plan, the government and management of both companies will be consolidated and they will both be owned by a single holding company.

Standard & Poor's analysts said there would be no change to the companies' respective ratings under the current plan.

This is largely because, under that plan, the two financial institutions will continue to have separate balance sheets, liabilities and government support arrangements, the analysts said.

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