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S&P revises outlook on Nationwide Building Society

S&P Global Ratings on Feb. 28 revised the outlook on Nationwide Building Society's long-term issuer credit rating to positive from stable and affirmed the rating at A.

The British mutual financial institution's A-1 short-term issuer credit rating was also affirmed.

The ratings actions came after Nationwide launched tender offers for 11 series of notes and announced plans to issue U.S. dollar-denominated senior nonpreferred notes, its first issuance of this kind of bail-in-able debt.

S&P said that if successfully completed, the issuance of new senior nonpreferred notes would have a positive impact on its assessment of the company's additional loss-absorbing capacity buffer. The positive outlook indicates that the agency could raise the company's rating to A+ during the next 18 to 24 months in light of improving additional loss-absorbing capacity buffer.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.