Moody's lifts Yorkshire Building to Baa1

Moody's Investors Service said it upgraded the deposit ratings of Yorkshire Building Society to Baa1 from Baa2.

At the same time, the agency raised Yorkshire's standalone baseline credit assessment to baa1 from baa2 and affirmed its C- bank financial strength rating and P-2 short-term rating.

The outlook remains stable.

Moody's said it views positively that Yorkshire Building has essentially completed the integration of the Chelsea and Norwich & Peterborough building societies and that, given more favorable loss experience on those books, it was able to release substantial fair value adjustments in 2013 which were put in place at the time of the mergers.

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