26/09/03

Nationwide Building Society has welcomed the news that rating agency Fitch has upgraded its Individual rating from B to A/B.

Fitch has stated that the rating upgrade "reflects the continuing good performance of Nationwide."

The Fitch upgrade follows the decision by Moodys last year to upgrade Nationwide’s long term-debt and deposit ratings to Aa3 from A1.

"We feel this is an endorsement of our consumer focussed strategy and the considerable improvements we have made to the quality of our loan book," said Nationwide’s chief executive Philip Williamson.

"Good ratings are important to us as they help us raise funds on the international money markets. For members they are yet more proof of our sound financial management."

In addition to upgrading the society’s Individual rating, Fitch has affirmed Nationwide’s Long-term rating at ‘AA-’, the short term rating as ‘F1+’ and the Support rating as ‘2’

Provided by the Nationwide