Moody’s rates OSB notes Baa2

Moody’s Investors Service said it assigned a Baa2 rating to OSB Group plc’s planned £300 million of senior unsecured notes and raised the issuer rating to OneSavings Bank plc to Baa1 from Baa2.

The notes will be issued under OSBG's euro medium-term note program, to which Moody's gave (P)Baa2 senior unsecured and (P)Baa3 subordinated ratings. Moody's also affirmed OSBG's long-term issuer ratings at Baa2 and its subordinated debt ratings at Baa3.

Moody’s also revised the outlook for OneSavings Bank to stable from positive. The outlook for OSBG remains stable.

The stable outlook on OSBG and OSB also reflects an “expectation that the bank will demonstrate solid financial performance in the next 12-18 months,” the agency said.

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