Clydesdale Bank PLC Jun 11

Standard & Poors, June 2011

Abstract
Ownership by, and integration with, National Australia Bank Ltd. Good business diversity, with relatively differentiated business and retail banking offering. Balanced funding strategy and satisfactory capitalization. Reducing, but still material, exposure to property and construction-related lending. Medium-term profitability and growth are likely to be constrained due to large U.K. footprint in economically vulnerable regions. The ratings on Clydesdale Bank PLC reflect Standard & Poor's Ratings Services' view of its strategically important position within the group headed by National Australia Bank Ltd. (NAB; AA/Stable/A-1+). The ratings on Clydesdale benefit from a three-notch uplift under Standard & Poor's group rating methodology. We consider Clydesdale to be of moderate systemic importance to the U.K. banking system, but factor no governmental support into the...

Companies mentioned in this report are:
- Clydesdale Bank PLC
- National Australia Bank Ltd.
- Bank of New Zealand
- MLC Ltd.
- BNZ International Funding Ltd.
- National Wealth Management Holdings Ltd.
- National Capital Trust III
- National Capital Instruments [Euro] LLC 2
- BNZ Income Securities Ltd.
- BNZ Income Securities 2 Ltd.

Action: Review

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

- Clydesdale Bank PLC
- National Australia Bank Ltd.
- Bank of New Zealand
- MLC Ltd.
- BNZ International Funding Ltd.
- National Wealth Management Holdings Ltd.
- National Capital Trust III
- National Capital Instruments [Euro] LLC 2
- BNZ Income Securities Ltd.
- BNZ Income Securities 2 Ltd.

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