Fitch upgrades Virgin Money

Challenger bank Virgin Money is getting stronger as its core markets like mortgages grow, credit ratings agency Fitch said yesterday. It upgraded the lender’s credit rating from triple-B to triple-B plus. Virgin’s foundation on the best Northern Rock mortgages is a good basis for growth, the agency said, and its new lending since then has been “prudent.” The bank’s rating also benefited from profits made on the sale of its share in a credit card partnership with MBNA.