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Moody's, Fitch withdraw ratings of Virgin Money

Moody's and Fitch Ratings on Oct. 21 withdrew the ratings of Virgin Money Holdings (UK) PLC and operating unit Virgin Money PLC, following the transfer of most of Virgin Money's assets and liabilities to Clydesdale Bank PLC, the operating entity of CYBG PLC, which completed its takeover of Virgin Money Holdings in October 2018.

Moody's withdrew the Baa3/P-3 and Baa1/P-2 long- and short-term issuer ratings of Virgin Money Holdings and Virgin Money, respectively. Prior to withdrawal, the outlook on both entities' long-term issuer ratings was positive. Also withdrawn were the unit's A2/P-1 long- and short-term counterparty risk ratings, its A2(cr)/P-1(cr) long- and short-term counterparty risk assessments and "baa2" baseline and adjusted baseline credit assessments.

Meanwhile, Fitch maintained on Rating Watch Negative Virgin Money Holdings' BBB+ long-term issuer default rating and Virgin Money's A- long-term issuer default rating and subsequently withdrew the ratings.

Fitch also affirmed and withdrew the F2 short-term issuer default ratings of Virgin Money Holdings and Virgin Money, as well as their respective 2 and 5 support ratings and BBB+ and A- senior unsecured debt ratings. Also affirmed and withdrawn were Virgin Money's "bbb+" viability ratings and No Floor support rating floor.

Moody's and Fitch both noted that CYBG PLC will be renamed Virgin Money UK PLC by Oct. 31.