Moody’s acts on U.K. banks

Moody’s Investors Service said it took ratings actions on Lloyds, Barclays and other United Kingdom banks.

“The rating actions were driven by revisions to Moody's advanced loss given failure (Advanced LGF) framework, which is applied to banks operating in jurisdictions with operational resolution regimes, following the publication of Moody's updated banks methodology on July 9, 2021,” the agency said in a press release.

Moody’s raised Barclays plc’s subordinate debt ratings to Baa2 from Baa3 and subordinate MTN program and subordinate shelf ratings to (P)Baa2 from (P)Baa3 and Barclays Bank plc’s subordinate debt ratings to Baa2 from Baa3, subordinate MTN program rating to (P)Baa2 from (P)Baa3 and junior subordinate debt ratings to Baa3(hyb) from Ba1(hyb).

Moody's lifted Lloyds Banking Group plc's long-term senior unsecured debt ratings to A2 from A3, the long-term subordinate debt ratings to A3 from Baa1, the backed junior subordinate ratings to Baa1(hyb) from Baa2(hyb) and Lloyds Bank plc’s long-term subordinate debt ratings to A3 from Baa1, subordinate MTN program ratings to (P)A3 from (P)Baa1 and the junior subordinate ratings of the bank and its subsidiaries to Baa1(hyb) from Baa2(hyb).

The agency lowered Santander UK plc's junior subordinate debt ratings to Baa3(hyb) from Baa2(hyb), its preference stock cumulative ratings to Baa3(hyb) from Baa2(hyb) and its preference stock noncumulative ratings to Ba1(hyb) from Baa3(hyb).

Moody's upgraded Nationwide Building Society's long-term junior senior unsecured debt rating to Baa1 from Baa2 and long-term junior senior unsecured MTN program ratings to (P)Baa1 from (P)Baa2.

Finally, Moody's boosted Close Brothers Group plc's issuer rating to A2 from A3 and the long term senior unsecured debt rating to A2 from A3.

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