Fitch eyes Virgin Money UK positively

Fitch Ratings said it placed Virgin Money UK plc's (VMUK) long-term issuer default ratings and debt ratings on rating watch positive.

Nationwide Building Society agreed to buy VMUK’s group, which triggered the RWP, the agency said.

“The RWP reflects Fitch's view that the acquisition by Nationwide will result in VMUK benefitting from a high likelihood of support from its new, higher-rated owner,” the agency said in a statement.

Fitch said it aims to resolve the RWP once the deal closes, expected by the end of 2024.

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