Moody’s praises UK building socs

RATINGS agency Moody’s raised its ratings on four UK building societies and upgraded the outlook on two more yesterday in recognition of their progress since the financial crisis.

Nationwide, Yorkshire and Principality building societies were each upgraded two notches while Newcastle and Nottingham saw their outlooks raised to stable from negative. The societies’ performances, asset quality and underwriting standards have improved over the past two years, Moody’s said.

But it extended its review of 14 UK banks awaiting possible downgrades.