Fitch could cut Clydesdale Bank

Fitch Ratings said it placed Clydesdale Bank plc's long-term issuer default rating of A, short-term issuer default rating of F1 and support rating of 1 on Rating Watch Negative.

The viability rating was affirmed at bbb+.

Fitch said the actions follow the May 7 announcement National Australia Bank Ltd. (AA-/F1+/stable), Clydesdale Bank’s ultimate 100% shareholder, that it is in the advanced stages of obtaining regulatory approvals for listing its U.K. subsidiary on the London Stock Exchange and transferring its ownership to National Australia Bank’s current shareholders.

The bank still needs to obtain shareholder approval but plans to finalize the transaction by end- 2015.

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