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S&P puts Virgin Money on positive watch
S&P said it placed its ratings for Virgin Money UK, including its BBB issuer rating, and its subsidiary Clydesdale Bank plc, including its A- issuer rating, on CreditWatch with positive implications.
Nationwide Building Society agreed to by Virgin Money UK, which triggered the positive watch, the agency said.
“The CreditWatch positive placement reflects that we could upgrade VMUK and Clydesdale Bank by up to two notches on completion of Nationwide's acquisition of VMUK. This reflects our view that our current rating on VMUK may benefit from group support from a higher-rated parent,” S&P said in a press release.
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