SIMPLIFYING its business structure, significantly increasing profitability and strengthening its capital position has seen Skipton Building Society achieve an upgrade from leading credit rating agency Moody's.
The Society has had its deposit and senior unsecured ratings raised to Baa3 from Ba1 and its short term rating to P3 from Not Prime with a stable outlook
The move follows an announcement by rival ratings agency Fitch last month upgrading the Society’s long term rating to BBB (from BBB-) and its short term rating to F2 (from F3) with a positive outlook.
David Cutter, Skipton Group chief executive, said: “It is pleasing that both Fitch and now Moody’s have acknowledged the improvement the Society has made over the last two years.
“We have continued to focus on growing our core business of mortgages and savings and have improved our financial strength, profits and capital.”
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