Moody’s ups Virgin Money, rates CYBG Baa3

Moody’s Investors Service said it confirmed the baseline credit assessment and adjusted baseline credit assessment of Clydesdale Bank plc at baa2.

The agency also confirmed Clydesdale's long-term deposit ratings at Baa1, long-term counterparty risk ratings at A2, short-term counterparty risk ratings at Prime-1, long-term counterparty risk assessment at A2(cr), and short-term counterparty risk assessment at Prime-1(cr).

The short-term deposit ratings were affirmed at Prime-2.

Moody's assigned a Baa3 issuer rating to CYBG plc and confirmed its Baa3 subordinated debt rating.

The agency upgraded Virgin Money plc's long-term deposit ratings to Baa1 from Baa2, long-term issuer rating to Baa1 from Baa2, long- and short-term counterparty risk ratings to A2/Prime-1 from Baa1/Prime-2, and long- and short-term counterparty risk assessments to A2(cr)/Prime-1(cr) from A3(cr)/Prime-2(cr).

In addition, the agency confirmed Virgin Money’s baseline credit assessment and adjusted baseline credit assessment at baa2. The short-term deposit rating and issuer ratings were affirmed at Prime-2.

Moody’s confirmed Virgin Money Holdings (UK) plc's Baa3 long-term issuer rating, Prime-3 short-term issuer rating and Baa3 senior unsecured debt rating.

The outlooks are positive.

The agency said the ratings reflect the largely unchanged stand-alone financials for Virgin Money following the merger with CYBG during the period it remains a standalone subsidiary of Clydesdale Bank.

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