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Rating Action:

Moody's upgrades the long-term deposit ratings of Skipton Building Society to Baa1

10 Apr 2017

London, 10 April 2017 -- Moody's Investors Service has today upgraded the long-term local and foreign-currency bank deposit ratings of Skipton Building Society (Skipton) to Baa1 from Baa2. The outlook on these ratings has been changed to stable from positive. Skipton's standalone Baseline Credit Assessment (BCA) and adjusted BCA also were upgraded to baa1 from baa2.

At the same time Moody's has affirmed Skipton's Prime-2 short-term local and foreign-currency deposit ratings and the A2(cr)/Prime-1(cr) Counterparty Risk Assessment (CRA).

A full list of affected ratings can be found at the end of this press release.

RATINGS RATIONALE

The upgrade of Skipton's BCA to baa1 from baa2 was driven by: (1) improvements in the asset quality of the mortgage and savings division and reducing downside risk from legacy portfolios; (2) strong capitalisation and conservative funding position; and (3) maintaining adequate profitability despite pressure on the net interest margin. Moody's also takes into account material progress in reduction of the group's organisational complexity for the past three years, which has led to the disposal of a number of subsidiaries.

Skipton's problem loan ratio decreased to 0.85% as of end-2016 from 1.1% as of end-2015. Moody's expects further improvements over the outlook period as the risks coming from Skipton's legacy books are now less material and represent a lower proportion of the total loan book. Skipton's capital position remains strong and compares favourably with peers with Tangible Common Equity as percentage of Risk Weighted Assets at 22.6% as at end-2016, taking into consideration the benefit of the first-time application of the internal ratings-based approach. Skipton's pre-tax profitability has declined marginally compared with the previous year but remains adequate and continues to benefit from the diversification from its ownership of one of the largest real estate agencies in the UK, Connells.

Moody's upgraded Skipton's long-term local and foreign-currency deposit ratings to Baa1 from Baa2. The changes are driven by: (1) the upgrade of Skipton's adjusted BCA to baa1 from baa2; (2) the agency's assessment of a moderate level of loss-given-failure (LGF) for the bank's deposits given its limited amount of senior and subordinated debt; and (3) a low probability of government support uplift, leading to no uplift from the BCA for the long-term ratings.

Rationale for the Outlook

Moody's assigned a stable outlook to Skipton's long-term deposit ratings. The outlook is based on the agency's view that Skipton's financial fundamentals are sufficiently strong to absorb an expected deterioration in the operating environment and slow-down in lending over the outlook period. Moody's expects that the operating environment for the UK mortgage lenders continues to be challenging and profitability and interest margins will remain under pressure due to the prolonged very low interest rate environment and economic uncertainty relating to the UK's exit from the European Union as well as the high level of competition in the mortgage market.

Counterparty Risk Assessment

The long and short-term CRAs were affirmed at A2(cr)/Prime-1(cr). The reduced protection for Skipton's operating obligations resulting from the expected reduction in outstanding Permanent Interest-Bearing Shares led Moody's to position the long-term CRA two notches above the adjusted BCA, from three notches previously, resulting in their affirmation.

What Could Change the Rating Up/Down

The BCA could be upgraded if Skipton is able to (1) demonstrate sustainable improvement in asset quality; (2) improve profitability metrics from its core business despite competitive pressures; (3) reduce risk to capital from its subsidiaries due to volatility in performance, operating losses or misconduct-related expenses while maintaining solid capital levels. An upgrade in the bank's BCA would likely lead to an upgrade of all ratings. Skipton's senior unsecured MTN and deposits ratings could also be upgraded if the company were to issue significant amounts of long-term senior or subordinated debt.

Skipton's BCA could be downgraded following (1) any material deterioration in asset quality and profitability; or (2) difficulties at one of Skipton's major subsidiaries, notably Connells, leading to a drain on resources away from the core lending franchise. A downward movement in Skipton's BCA would likely result in downgrades to all ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published in January 2016. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

LIST OF AFFECTED RATINGS

Upgrades:

Issuer: Skipton Building Society

....LT Bank Deposits (Local & Foreign Currency), Upgraded to Baa1 from Baa2, Outlook Changed To Stable From Positive

....Subordinate, Upgraded to Baa2 from Baa3

....Senior Unsecured MTN Program, Upgraded to (P)Baa1 from (P)Baa2

....Subordinate MTN Program, Upgraded to (P)Baa2 from (P)Baa3

....Adjusted Baseline Credit Assessment, Upgraded to baa1 from baa2

....Baseline Credit Assessment, Upgraded to baa1 from baa2

Issuer: Scarborough Building Society

....Pref. Stock Non-cumulative, Upgraded to Ba1(hyb) from Ba2(hyb)

Affirmations:

Issuer: Skipton Building Society

....ST Bank Deposits (Local & Foreign Currency), Affirmed P-2

....LT Counterparty Risk Assessment, Affirmed A2(cr)

....ST Counterparty Risk Assessment, Affirmed P-1(cr)

Outlook Actions:

Issuer: Skipton Building Society

....Outlook, Changed To Stable From Positive

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Irakli Pipia
VP - Senior Credit Officer
Financial Institutions Group
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

Nicholas Hill
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
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

No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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