CYBG PLC Fitch Ratings Update (5668O)
February 09 2016 - 10:57AM
UK Regulatory
TIDMCYBG
RNS Number : 5668O
CYBG PLC
09 February 2016
CYBG PLC
9 February 2016
Fitch Ratings Update
Today Fitch Ratings (Fitch) issued a Press Release assigning new
ratings to CYBG PLC (CYBG) and CYBG's newly issued capital
instruments, and updated the ratings of Clydesdale Bank PLC (the
Bank).
Fitch assigned CYBG a Long Term Issuer Default Rating (IDR) of
BBB+ (Stable Outlook), a Short Term IDR of F-2 and a Viability
Rating of bbb+.
A rating of BBB was assigned to the GBP475,000,000 5 per cent.
Fixed Rate Reset Callable Subordinated Tier 2 Notes due 2026 and a
rating of BB- to the GBP450,000,000 8 per cent. Fixed Rate Reset
Perpetual Subordinated Contingent Convertible Notes, both issued by
CYBG PLC.
Fitch affirmed the Bank's standalone Viability Rating at bbb+
but as expected reduced the Long Term IDR to BBB+ (Stable Outlook)
from A reflecting the removal of National Australia Bank Ltd (NAB)
parental support upon the demerger. The Short Term IDR was
accordingly reduced from F-1 to F-2.
CYBG again welcomes the allocation of an investment grade rating
to the newly created CYBG PLC entity, reflecting its low risk
profile, sound asset quality, healthy liquidity and improved
capitalisation.
Enquiries:
Investors and Analysts
John Crosse 07917 172535
Head of Investor Relations john.crosse@cybg.com
Media
Barry Gardner 0800 066 5998
Media Relations Director barry.gardner@cybg.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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February 09, 2016 10:57 ET (15:57 GMT)
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