8th Feb 2016 18:26
LONDON (Alliance News) - Standard & Poor's Ratings Services concluded a Credit Watch on CYBG PLC's Clydesdale Bank's ratings, and also assigned new ratings to CYBG itself, CYBG said on Monday.
S&P affirmed the long and short-term credit ratings of Clydesdale at BBB+/A-2 with a stable outlook, and assigned to CYBG new long and short-term credit ratings of BBB-/A3 also with a stable outlook.
In addition, the ratings agency assigned to the GBP475 million 5% fixed rate reset callable subordinated tier 2 notes due in 2026 a rating of BB, and to the GBP450 million 8% fixed rate reset perpetual subordinated contingent convertible notes a rating of B.
"CYBG welcomes the allocation of an investment grade rating to the newly created CYBG PLC entity, and the affirmation of the existing ratings of the bank subsequent to the successful demerger and IPO," CYBG said in a statement.
Shares in CYBG, which began unconditional dealings on Monday, closed at 205.99 pence, above the 180.0p price of its initial public offering.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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