S&P affirms CYBG, Clydesdale Bank

S&P said it affirmed its BBB-/A-3 long- and short-term issuer credit ratings on CYBG plc.

The outlook is stable.

At the same time, the agency affirmed the BBB+/A-2 ratings on Clydesdale Bank plc.

S&P also affirmed the issue ratings on the hybrid instruments issued by CYBG.

CYBG announced a recommended all-share offer for Virgin Money Holdings (UK) plc.

“The affirmation takes into account our view that CYBG's capitalization is unlikely to be materially affected by the transaction, which in our view will boost business diversity,” the agency said in a news release.

“We also note, however, the inherent risks related to a merger, both in terms of defining a clear and articulated common strategy and delivering on synergies.”

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