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Clydesdale faces Moody's downgrade
Clydesdale Bank is facing a possible credit downgrade after ratings agency Moody's launched a review of its Australian owner.
The Glasgow-based firm is a subsidiary of National Australia Bank, one of four on a 90-day notice.
But analysts said the Australian banks were already addressing their deposit deficiency, and even a downgrade would only bring Moody's ratings in line with rival Standard & Poor's, the benchmark for securities. The Australian banking sector is generally rated above a number of international rivals, and the banks say their cost of borrowing has fallen in recent months.
"Fixed-income investors are well aware of the issues that prompted Moody's move," said Royal Bank of Scotland's John Bunoccorsi. "I don't think the debt market will respond much,"
Clydesdale said it remained "committed to maintaining strong capital, funding and liquidity positions."
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Weather for Edinburgh
Thursday 24 May 2012
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