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Bulletin: Nationwide's U.K. Covered Bond Program Unaffected By Portman Merger Sep 06 Product Image

Bulletin: Nationwide's U.K. Covered Bond Program Unaffected By Portman Merger Sep 06

  • Published: September 2006
  • Region: United Kingdom, Great Britain
  • Standard & Poors

Abstract
LONDON (Standard & Poor's) Sept. 14, 2006Nationwide Building Society recently announced that it is to merge with Portman Building Society, potentially making it the second-largest U.K. mortgage lender. Standard & Poor's Ratings Services does not consider that this merger will have any effect on its 'AAA' credit rating on Nationwide's €14 billion global covered bond program. This view has been taken owing to two primary factors. Firstly, on Sept. 12, 2006 Standard & Poor's affirmed its A+/A-1 ratings on Nationwide. The financial impact of the merger is not considered material. It is subject to the approval of both Portman's members and the Office of Fair Trading. The effective date is likely to be by end-September 2007. Secondly, while Nationwide has...

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

Action: Bulletin

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- Nationwide Building Society Global Covered Bond Programme
- Nationwide Building Society

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