DBRS lowers Nationwide Building

DBRS said it downgraded the ratings of Nationwide Building Society, including its long-term senior debt and deposits rating to AA (low) from AA.

The trend on all long-term ratings has been revised to stable from negative.

Concurrently, DBRS confirmed the R-1 (middle) commercial paper rating and the stable trend.

DBRS said the action reflects its opinion that the lingering low interest rate environment, heightened competition for retail funding, costs of regulatory requirements and the sluggish U.K. economy will continue to add negative pressure to Nationwide's earnings generation ability.

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