Fitch gives Nationwide Building convertibles BB+

Fitch Ratings said it assigned Nationwide Building Society's (A/stable/F1/a) £1 billion resetting perpetual contingent convertible additional tier 1 capital securities a BB+ final rating. The rating is in line with the expected rating assigned on Feb. 28.

The securities are rated five notches below Nationwide's viability rating of a, in accordance with Fitch's criteria for "Assessing and Rating Bank Subordinated and Hybrid Securities" dated Jan. 31. The notes are notched twice for loss severity to reflect the conversion into core capital deferred shares on breach of the trigger, and three times for non-performance risk.

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