Taken from Moody’s website www.moodys.com, these were announced on 14th April 2009.
Abbey National plc ("Abbey"): the BFSR is downgraded to C- from C+ on review for downgrade (mapping to BCA of Baa2); senior debt/deposit ratings of Aa3 are on review for downgrade; the P-1 rating is affirmed; subordinated debt ratings are downgraded to Baa3; Tier 1 hybrid instruments are downgraded to Ba1; the review will focus on the impact of the integration of Alliance & Leicester and the degree to which this will be offset by further capital measures from their ultimate parent, Banco Santander S.A. (Aa1/B).
Alliance & Leicester: the BFSR is downgraded to E+ from C+ with a developing outlook (mapping to BCA of B1); senior debt/deposit ratings of Aa3 are on review for downgrade, the P-1 rating is affirmed; dated subordinated debt is downgraded to Caa1; junior subordinated debt is downgraded to Caa2; and Tier 1 hybrid instruments are downgraded to Caa3; the developing outlook on the BFSR reflects the intrinsic weakness of A&L, balanced by the potential strength to be derived from its shareholders, Abbey and Banco Santander; the Aa3 ratings and the review for downgrade are aligned with the ratings of Abbey, reflecting the cross-guarantee for senior debt between the two institutions.
Britannia Building Society ("Britannia"): The BFSR is downgraded to D+ from C (mapping to BCA of Ba1) and has been placed on review with direction uncertain reflecting the pressure from its weak intrinsic strength and the benefits expected from the merger with the Co-Operative Bank plc (rated A2/C); senior debt/deposit ratings of A2/P-1 are on review for downgrade; the review will focus on the impact of the near-term merger with the Co-Operative Bank and the extent to which the strength of the Co-Operative Bank can offset some of the intrinsic challenges that Britannia is facing; dated subordinated debt is downgraded to Ba2; and PIBS are downgraded to B1.
Chelsea Building Society ("Chelsea"): The BFSR is downgraded to E+ from C (mapping to BCA of B1) with a negative outlook; senior debt/deposits downgraded to Baa3 from A2 with a stable outlook; short-term ratings are downgraded to P-3 from P-1; dated subordinated debt downgraded to Caa1.
Coventry Building Society ("Coventry"): The BFSR is downgraded to C- from C+ (mapping to BCA of Baa2) with a negative outlook; senior debt/deposits downgraded to A3 from A2 with a negative outlook; the short-term ratings are downgraded to P-2 from P-1; dated subordinated and junior subordinated debt is downgraded to Baa3; PIBS are downgraded to Ba1.
Leeds Building Society ("Leeds"): The BFSR has been affirmed at C+ (mapping to BCA of A2), outlook changed to negative; senior debt/deposit ratings and subordinated debt ratings have been affirmed at A2/A3 with a stable outlook; the P-1 rating has also been affirmed.
Nationwide Building Society ("Nationwide"): The BFSR is downgraded to C- from B (mapping to BCA of Baa2) with a negative outlook; senior debt/deposit ratings downgraded to Aa3 from Aa2 with a stable outlook; P-1 ratings affirmed; dated subordinated debt and junior subordinated debt is downgraded to Baa3; PIBS downgraded to Ba1.
Newcastle Building Society ("Newcastle"): The BFSR is downgraded to D- from C- (mapping to BCA of Ba3) with a negative outlook; senior debt/deposits ratings are downgraded to Baa2 from A3 with a negative outlook and the P-2 short-term ratings are affirmed; dated subordinated debt is downgraded to B1.
Norwich & Peterborough Building Society ("Norwich & Peterborough"): The BFSR is downgraded to D from C (mapping to BCA of Ba2) with a negative outlook; senior debt/deposits ratings are downgraded to Baa2 from A2 with a negative outlook; P-1 short-term ratings downgraded to P-2.
Nottingham Building Society ("Nottingham"): The BFSR has been affirmed at C- (mapping to BCA of Baa2) and the outlook is changed to negative; senior debt/deposit ratings are affirmed at A3 with a negative outlook; P-2 ratings affirmed.
Principality Building Society ("Principality"): The BFSR is downgraded to D- from C- (mapping to BCA of Ba3) with a negative outlook; senior debt/deposit ratings are downgraded to Baa2 from A3 with a negative outlook; the P-2 short-term ratings are affirmed; dated subordinated debt is downgraded to B1; and PIBS downgraded to B3.
Skipton Building Society ("Skipton"): The BFSR is downgraded to D+ from C+ (mapping to BCA of Ba1) with a negative outlook; senior debt/deposit ratings are downgraded to Baa1 from A2 with a negative outlook; P-1 short-term ratings are downgraded to P-2; dated subordinated debt is downgraded to Ba2; This rating action concludes the review for downgrade on Skipton's BFSR initiated on November 3, 2008, following the merger with Scarborough Building Society. Furthermore as a consequence of the merger Scarborough's ratings are withdrawn.
Standard Life Bank ("Standard Life"): The BFSR is downgraded to D from C- (mapping to BCA of Ba2) with a negative outlook; senior debt/deposit ratings of A2/P-1 are on review for downgrade; the review will focus on the level of support available from the bank's parent Standard Life Assurance Ltd. rated A1; dated subordinated debt is downgraded to Ba3; junior subordinated debt downgraded to B1.
West Bromwich Building Society ("West Bromwich"): The BFSR is downgraded to E+ from C- (mapping to BCA of B3) with a negative outlook; senior debt/deposit ratings are downgraded to Baa3 from A3 with a stable outlook; short-term ratings downgraded to P-3 from P-2; dated subordinated debt and junior subordinated debt is downgraded to Caa3; PIBS are downgraded to Ca.
Yorkshire Building Society ("Yorkshire"): The BFSR is downgraded to D+ from C (mapping to BCA of Ba1) with a negative outlook; senior debt/deposit ratings are downgraded to Baa1 from A2 with a negative outlook; short-term ratings are downgraded to P-2 from P-1; dated subordinated debt is downgraded to Ba2.
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