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Moody’s rates Virgin Money Baa3
Moody's Investors Service said it assigned Baa3 long-term issuer ratings and Prime-3 short-term issuer ratings to Virgin Money Holdings plc.
The agency affirmed Virgin Money plc's Baa2 long-term local-currency deposit ratings and changed the outlook to positive from stable.
In addition, Moody’s affirmed the bank's baa2 baseline credit assessment, baa2 adjusted baseline credit assessment, Baa2/Prime-2 long- and short-term issuer ratings, Prime-2 short-term local currency deposit ratings, and A3(cr)/Prime-2(cr) long- and short-term counterparty risk assessment.
The agency said the ratings reflect Virgin Money’s baa2 baseline credit assessment, the results of Moody's advanced loss given failure analysis, and a low probability of government support.
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