Fitch views Virgin Money view positively

Fitch Ratings said it revised the outlook on Virgin Money UK plc (VMUK) to positive from stable and affirmed the long-term issuer default and senior unsecured ratings at BBB+, the BBB- subordinated rating and BB tier 1 note rating.

Fitch also revised the outlook on VMUK's main operating entity, Clydesdale Bank plc to positive from stable and affirmed its IDR at A- and covered bond program rating at AAA.

“The revision of VMUK's outlook to positive from stable primarily reflects Fitch's expectation of a structural improvement in profitability due to higher interest rates, contained credit impairment charges and further cost efficiency improvements. The positive outlook also reflects the bank's improving risk profile, notwithstanding the tougher operating environment,” the agency said in a press release.

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