DBRS confirms Nationwide

DBRS said it confirmed Nationwide Building Society's long-term debt and deposit rating of AA.

The trend on the long-term ratings remains negative.

This action does not impact the ratings of the debt guaranteed by HM Treasury, which remain at AAA with a stable trend.

DBRS said it recognizes the substantial strength of the franchise, DBRS said.

The confirmation also considers Nationwide's solid risk management acumen and prudent lending culture, which is illustrated by the better-than-industry performance of the residential book, the agency said.

While DBRS recognizes the positive trajectory in financial performance, the trend on the long-term ratings remains negative, reflecting the constrained underlying profitability, DBRS said.

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