Moody’s gives OSB Group Baa3

Moody’s Investors Service said it gave a Baa3 issuer rating to OSB Group plc and a Baa2 issuer rating to its subsidiary OneSavings Bank plc. The outlook on both companies is positive.

The ratings are based on the bank’s baa2 baseline credit assessment and Moody’s advanced loss given failure analysis. The agency said it considers the group’s LGF to be high and the bank’s LGF to be moderate. As a result, the bank’s rating is a notch higher.

The positive outlook reflects an expectation, “the group will pursue debt issuances to meet its new interim minimum requirements for own funds and eligible liabilities (MREL) by July 2024, which will result in lower loss-given-failure for these instruments,” Moody’s said in a press release.

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