Moody's ups Virgin Money unsecured grade

Moody's Investors Service said it upgraded the senior unsecured debt rating of Virgin Money UK plc to Baa1 from Baa2, its subordinate debt rating to Baa2 from Baa3 and all the long-term ratings and assessments of Virgin Money UK's operating company Clydesdale Bank plc.

The upgrade of the senior unsecured debt rating to Baa1 from Baa2 reflects the upgrade of Clydesdale Bank's baseline credit assessment to baa1 from baa2, and the unchanged assumption of moderate loss-given-failure and low probability of government support, Moody’s said.

The outlook is stable.

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