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Announcement:

Correction to Text, August 2, 2011 Release: Moody's extends ratings review for selected UK financial institutions

09 Aug 2011

London, 09 August 2011 -- Substitute Clydesdale Bank (A1) for Clydesdale Bank (A1/P-1) in fourth paragraph.

Revised release follows.

Moody's Investors Service has today announced an extension of its review of the debt and deposit ratings of certain UK financial institutions, which was originally announced on 24 May 2011. The firms' ratings remain on review for downgrade, except for the long/ short-term ratings of three building societies which have been confirmed today in a separate press release (see below for details).

The rating agency generally expects to conclude its reviews within three months. In this case, however, Moody's has extended its review to the second half of September, in order to allow the review to incorporate the potential effect of the proposals of the Independent Commission on Banking (ICB). The announcement of the ICB's proposals is expected on 12 September.

As noted in Moody's press release of 24 May, "Moody's reviews ratings of selected UK financial institutions for possible downgrade", the review covers a reassessment of systemic support assumptions for financial institutions whose debt and deposit ratings incorporate an assumption of support from the UK government ('systemic support'). Furthermore, in the case of those banks that could be potentially affected by requirements to ring-fence certain activities (primarily the largest 4 banks: Barclays, HSBC, Lloyds and RBS), Moody's will also need to assess whether this could have any implications on their business models and standalone financial strength.

The following 14 institutions are affected by this extension of the ratings review:

Bank of Ireland (UK) plc (Baa3/P-3); Co-Operative Bank plc (A2/P-1); Clydesdale Bank (A1); Lloyds TSB Bank plc (Aa3); Nationwide Building Society (Aa3); Newcastle Building Society (Baa2/P-2); Norwich & Peterborough Building Society (Baa2/ P-2); Nottingham Building Society (A3); Principality Building Society (Baa2/P-2); Royal Bank of Scotland plc (Aa3); Santander UK plc (Aa3); Skipton Building Society (Baa1/P-2); West Bromwich Building Society (Baa3/P-3); Yorkshire Building Society (Baa1).

In the press release of May 24th Moody's said it would also take into account any upward pressure on firms' standalone ratings that could offset or mitigate some of the downward pressure on the senior debt ratings during the review period. Today Moody's has revised the ratings and outlooks of several UK building societies (for more detail see: "Moody's revises ratings and outlooks of several UK building societies"). This has been announced before the final ICB proposals as we do not expect the business models of these institutions to be materially affected by the proposals. Consequently, the following ratings are no longer part of the original review initiated on May 24th:

• The A3 long-term debt and deposit rating of Coventry Building Society was confirmed following the upgrade of its standalone Bank Financial Strength Rating to C/ mapping to an A3 equivalent on the long-term scale

• The Prime-1 rating of Nationwide Building Society was confirmed following the upgrade of its standalone Bank Financial Strength Rating to C/A3.

• The Prime-2 rating of Yorkshire Building Society was confirmed following the upgrade of its standalone Bank Financial Strength Rating to C-/Baa2

London
Elisabeth Rudman
Senior Vice President
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Johannes Wassenberg
MD - Banking
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Correction to Text, August 2, 2011 Release: Moody's extends ratings review for selected UK financial institutions
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