Standard & Poor's Rating Update

RNS Number : 4408O

CYBG PLC

08 February 2016

 

CYBG PLC

8 February 2016

Standard & Poor's Rating Update

Today Standard & Poor's Ratings Services (S&P) issued a Press Release concluding the CreditWatch with negative implications of Clydesdale Bank PLC (the Bank) ratings, and in addition have assigned new ratings to CYBG PLC and to its newly issued capital instruments.

S&P have affirmed the Long-Term and Short Term Credit Ratings of the Bank at BBB+/A-2 with a stable outlook.

S&P have assigned to CYBG PLC new Long-Term and Short Term Credit Ratings of BBB-/A-3 with a stable outlook.

Finally, S&P have assigned to the £475,000,000 5 per cent. Fixed Rate Reset Callable Subordinated Tier 2 Notes due 2026 issued by CYBG PLC a rating of BB and to the £450,000,000 8 per cent. Fixed Rate Reset Perpetual Subordinated Contingent Convertible Notes issued by CYBG PLC a rating of B.

CYBG welcomes the allocation of an investment grade rating to the newly created CYBG PLC entity, and the affirmation of the existing ratings of the Bank subsequent to the successful demerger and IPO.

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]

 

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