Downgrade for the Nationwide

 
Oliver Smith
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FITCH, the ratings agency, yesterday downgraded the Nationwide building society’s long term default rating to A from A+.

The agency attributed the downgrade to the bank’s, “post-impairment earnings and thus capital generation arising from the society's poorly performing commercial property finance portfolio.”

Lloyds Banking Group, the Royal Bank of Scotland and Santander maintained their respective A ratings.