Moody’s Downgrades Building Societies

(Press Association) – MOODY’S HAS SURPRISINGLY CUT ITS INVESTMENT RATINGS on nine of the UK’s Building Societies due to concerns over ‘significantly’ higher credit losses than first thought on mortgages and commercial property loans.

Those affected are the Nationwide, Chelsea, Coventry, Newcastle, Norwich & Peterborough, Principality, Skipton, West Bromwich and Yorkshire building societies.

The move, which is based on a scenario of a 40% peak-to-trough fall in house prices, is likely to make it more difficult for the building societies to refinance debts.

… (04/05/2009) Moody Councillors Set To Withdraw Funds

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  1. […] with the Alliance & Leicester and Abbey (part of the Santander Group and unaffected by Moody’s recent downgrades) are providing commercial loan and overdraft facilities of up to £100,000 to individual, small […]

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