Moody's on Oct. 11 upgraded Skipton Building Society's long-term counterparty risk assessment to A1(cr) from A2(cr).

At the same time, the rating agency affirmed the company's Baa1 long-term senior unsecured debt and deposit ratings, P-2 short-term deposit rating and P-1(cr) short-term counterparty risk assessment. The outlook on the long-term ratings remains stable.

Moody's said the upgrade reflects the increased subordination protecting Skipton Building Society's counterparty obligations in light of the issuance of new senior unsecured debt of £350 million at the end of June.