Moody’s ups Nationwide Building to Aa3

Moody's Investors Service said it upgraded the long-term deposit and long-term senior unsecured ratings of Nationwide Building Society to Aa3 from A1, with a stable outlook.

Moody’s said the upgrade ratings reflects the benefit of recent net issuance of senior unsecured debt. Incorporating this into Moody's Loss Given Failure (LGF) analysis results in an additional notch of uplift in the Preliminary Rating Assessment (PRA) for these instrument classes, due to their improved loss absorbency.

The additional notch brings the level of LGF support to two notches from one notch previously for both long-term debt and deposits, prior to government support.

With the additional notch of government support, the agency assigned a final rating of Aa3.

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