New York, July 12 (FinanceEnquiry.com) – Analysts at Moody’s Investors Service has confirmed the A2 long term senior debt and bank deposit ratings and the Prime-1 short term of Clydesdale Bank PLC. The outlook on the ratings looks stable.
In a research note published today, the analysts mention that the review on the ratings has been initiated after announcing that Clydesdale’s parent, National Australia Bank (NAB) would carry out a strategic review for the operations of Clydesdale. After the review NAB has announced that the commercial real estate (CRE) portfolio of Clydesdale of around GBP 6.2 billion will be transferred to a subsidiary of NAB at book value and the proceeds from the transfer will be used to pay down intra group funding.
The A2/Prime 1 bank deposit and senior debt ratings of Clydesdale indicates its baa1 standalone credit assessment along with Moody’s assessment of the high probability of support from NAB and the moderate probability of the bank receiving systemic support. The stable outlook on the ratings indicates the improved capital position and funding base, the analysts say.
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