Fitch cuts Nationwide, rates debt A

Fitch Ratings said it assigned Nationwide Building Society's proposed issue of contractual senior non-preferred debt (SNP) an expected long-term rating A(EXP) and downgraded its long-term issuer default rating to A from A+.

The outlook is stable.

The agency also affirmed the society's viability rating at a, outstanding senior unsecured debt at A+ and derivative counterparty rating at A+(dcr).

Fitch further assigned deposit ratings of A+/F1.

Fitch said the downgrade follows Nationwide’s issue of SNP debt and the agency’s belief that it is no longer certain that the buffer of qualifying junior debt at the society will be sustainable enough for its long-term issuer default rating to be above its viability rating.

This new debt class becomes the reference obligation for Nationwide's issuer default rating and its rating is aligned with the society's long-term issuer default rating.

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