Fitch Ratings Update

RNS Number : 5668O

CYBG PLC

09 February 2016

 

CYBG PLC

9 February 2016

Fitch Ratings Update

Today Fitch Ratings (Fitch) issued a Press Release assigning new ratings to CYBG PLC (CYBG) and CYBG's newly issued capital instruments, and updated the ratings of Clydesdale Bank PLC (the Bank).

Fitch assigned CYBG a Long Term Issuer Default Rating (IDR) of BBB+ (Stable Outlook), a Short Term IDR of F-2 and a Viability Rating of bbb+.

A rating of BBB was assigned to the £475,000,000 5 per cent. Fixed Rate Reset Callable Subordinated Tier 2 Notes due 2026 and a rating of BB- to the £450,000,000 8 per cent. Fixed Rate Reset Perpetual Subordinated Contingent Convertible Notes, both issued by CYBG PLC.

Fitch affirmed the Bank's standalone Viability Rating at bbb+ but as expected reduced the Long Term IDR to BBB+ (Stable Outlook) from A reflecting the removal of National Australia Bank Ltd (NAB) parental support upon the demerger. The Short Term IDR was accordingly reduced from F-1 to F-2.

CYBG again welcomes the allocation of an investment grade rating to the newly created CYBG PLC entity, reflecting its low risk profile, sound asset quality, healthy liquidity and improved capitalisation.

Enquiries:

Investors and Analysts

John Crosse                                                                           07917 172535

Head of Investor Relations                                                      [e-mail]

Media

Barry Gardner                                                                         0800 066 5998

Media Relations Director                                                        [e-mail]

 

END

 

 

MSCUGUCAPUPQGAB