Fitch rates Nationwide Building convertibles BB+

Fitch Ratings said it has assigned Nationwide Building Society's (A/stable/F1/A) potential issue of perpetual subordinated contingent convertible securities an expected rating of BB+ (exp).

The securities are rated five notches below Nationwide's A viability rating.

Fitch stated that the notching for non-performance risk reflects the instruments' fully discretionary interest payment, which it considers the most easily activated form of loss absorption.

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