Presale: Nationwide Building Society Global Covered Bond Programme Nov 05

Standard & Poors, November 2005

Abstract
A preliminary credit rating has been assigned to the Nationwide Covered Bond -14 billion global covered bond program. A first issuance is expected within the next month. The rating reflects the terms of the issuance, structure, cash flow mechanics of the program, and Standard & Poor's cash flow analysis to verify that the notes will be repaid under stress test scenarios. The program is structured so that the issued covered bonds achieve, unless specified otherwise in the terms and conditions of the series, a 'AAA' rating. Under the terms of the program, Nationwide Building Society (Nationwide) will issue the covered bonds. The covered bonds will be direct, unsecured, and unconditional obligations of Nationwide. Under an intercompany loan agreement, the issuer...

Companies mentioned in this report are: Nationwide Building Society,Nationwide Building Society Global Covered Bond Programme

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

Nationwide Building Society,Nationwide Building Society Global Covered Bond Programme

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