Fitch affirms CYBG, Virgin Money

Fitch Ratings said it affirmed CYBG plc's and Virgin Money Holdings (UK) plc's long-term issuer default ratings at BBB+.

The outlooks are stable.

The affirmations follow the completed takeover with effect from Oct. 15 of Virgin Money by CYBG, the agency said.

CYBG plans to rebrand its main operating entities Clydesdale Bank plc and Yorkshire Bank under the Virgin Money brand over the course of 2019-2021.

“The affirmation of the IDRs, VRs and senior debt ratings is based on our view that the operating entities' risk profile has not changed as a result of the acquisition,” Fitch said in a news release.

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