Moody's ups Virgin Money

Moody's Investors Service said it upgraded Virgin Money UK plc’s senior unsecured debt rating to Baa2 from Baa3.

Moody's also affirmed the Baa3 subordinate debt rating of Virgin Money UK, and all the ratings and assessments of Virgin Money UK's operating company Clydesdale Bank plc.

“The rating actions were driven by revisions to Moody's advanced loss given failure (Advanced LGF) framework, which is applied to banks operating in jurisdictions with operational resolution regimes, following the publication of Moody's updated banks methodology on July 9, 2021,” the agency said in a press release.

The outlook is stable.

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