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Fitch downgrades seven building societies’ subordinated notes

Fitch Ratings has downgraded seven UK building societies’ lower tier 2 subordinated notes and permanent interest bearing shares.

The LT2 debt issued has been downgraded by one notch and PIBS by two notches. The Rating Watch Negative on the LT2 debt of Chelsea Building Society and LT2 debt and PIBS of Principality Building Society has been maintained.

Coventry, Leeds, Nationwide, Skipton and Yorkshire have also had various downgrades on their debt and interest bearing shares.

Fitch says this downgrade reflects the risk that building societies will exchange or convert their LT2 debt and PIBS into more equity-like instruments.




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