Fitch stabilizes Virgin Money view

Fitch Ratings said it revised the outlook on Virgin Money UK plc to stable from negative and affirmed the BBB+ issuer default rating. Fitch also changed the outlook on Clydesdale Bank plc to stable from negative and affirmed the IDR at A-. All other ratings have been affirmed.

The stable outlook primarily reflects the revision the outlook on Fitch's operating environment score for U.K. banks with mostly domestic operations to stable. This change, Fitch said, follows outlook revision on the U.K. to stable and Fitch's improved expectations for the U.K.'s economic recovery.

“Consequently, we believe that downside risks to VMUK's asset quality, capitalization and strategic execution have reduced,” the agency said in a press release.

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