Moody’s rates Nationwide Building securities Baa3 (hyb)

Moody’s Investors Service said it assigned a Baa3(hyb) rating to the £600 million high-trigger additional tier 1 (AT1) securities reset perpetual contingent convertible additional tier 1 capital securities sold by Nationwide Building Society based on the Sept. 17 term sheet.

Nationwide’s AT1 securities are perpetual deeply subordinated instruments; coupons may be cancelled in full or in part on a non-cumulative basis at Nationwide’s discretion or mandatorily, Moody’s said.

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