Moody's rates Yorkshire Building notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to the £275 million senior non-preferred debt issued by Yorkshire Building Society.

Moody's also assigned a provisional Baa2 rating to the company's senior non-preferred debt program.

The senior non-preferred notes, referred to as "junior senior" unsecured debt is issued as part of the company's existing £5 billion euro medium-term note program.

The notes will rank junior to other senior obligations, including senior unsecured debt, Moody's said, and senior to subordinated debt.

The rating assigned to the junior senior debt reflects the company's adjusted baseline credit assessment of Baa1 and an assumption of a low probability of government support for this new instrument, resulting in no uplift, the agency said.

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