Moody’s cuts West Bromwich CRA

Moody's Investors Service said it assigned Ba2 long-term local and foreign currency counterparty risk ratings to West Bromwich Building Society.

The agency also assigned Not Prime short-term local and foreign currency counterparty risk ratings.

At the same time, Moody's affirmed the long-term local and foreign currency deposit ratings of Ba3, its short-term local and foreign currency deposit ratings at NP, and the ratings on its permanent interest-bearing shares at Ca(hyb).

The agency downgraded the counterparty risk assessment to Ba1(cr)/NP(cr) from Baa3(cr)/Prime-3(cr).

The outlook remains positive.

Moody’s said the downgrade reflects the decreased subordination protecting West Brom's counterparty obligations following a reduction in deposits and the redemption of 88% of its permanent interest-bearing shares as part of the conclusion of West Brom's liability management exercise.

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