Fitch keeps Virgin Money on watch

Fitch Ratings said it maintained the long-term issuer default ratings of Virgin Money Holdings (UK) plc and its operating subsidiary Virgin Money plc on rating watch negative and withdrew the ratings.

At the same time Fitch affirmed and withdrew the other issuer ratings of these entities.

“The rating action follows the transfer under FSMA Part VII of substantially all of VM's assets and liabilities to VMH's immediate parent Clydesdale Bank plc (CB), which is the operating entity of the group's ultimate holding company CYBG plc,” the agency said in a news release.

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