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Fitch upgrades CYBG units

Fitch Ratings on June 3 upgraded the long-term issuer default ratings of CYBG PLC units Clydesdale Bank PLC and Virgin Money PLC to A- from BBB+ and maintained the ratings on Rating Watch Negative.

The U.K. units' short-term issuer default ratings were affirmed at F2.

The rating agency also upgraded the two companies' derivative counterparty ratings to A-(dcr) from BBB+(dcr).

The upgrades were prompted by a rise in the junior debt buffer at Clydesdale Bank. The placement on Rating Watch Negative on March 1 reflected heightened uncertainty over the eventual outcome of Brexit.

Fitch expects to resolve the Rating Watch Negative on Britain's planned departure from the EU, with a stable outlook to be assigned in case a Brexit agreement is reached while other conditions remain the same.