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S&P revises Clydesdale view to positive
S&P said it revised the outlook on Clydesdale Bank plc to positive from stable and affirmed the BBB+ long-term issuer credit rating. The agency also affirmed its BBB- long-term issuer credit ratings on Virgin Money UK plc.
“We have revised the outlook on Clydesdale, the main operating bank of Virgin Money, to reflect our view of the group’s proactive progress in building its minimum requirements for own funds and eligible liabilities (MREL), which we mirror in our additional loss-absorbing capacity (ALAC) analysis. Virgin Money states that its MREL position was 26.6% as of Sept. 30, 2019, above its 21.5% interim regulatory requirement,” said S&P in a press release.
The outlook is stable.
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