...Outlook Stable: The covered bonds' rating is based on Yorkshire Building Society's (YBS) Long-Term Issuer Default Rating (IDR) of 'A-', an unchanged IDR uplift of 0, an unchanged Discontinuity Cap (D-Cap) of 4 and an asset percentage (AP) of 83.7% that Fitch takes into account in its analysis, which provides more protection than the `AAA' breakeven AP of 87.0%. The Stable Outlook for the covered bonds rating reflects that on the issuer. Breakeven AP Improved: Fitch revised the `AAA' breakeven AP to 87.0% from 85.0% published in September 2014. The improved figure is notably due to the implementation of the updated UK Criteria Addendum published on 30 May 2014. The main driver of the 'AAA' breakeven AP remains the asset disposal loss component due to maturity mismatches and the effect of the Selected Assets Required Amount which limits the amount available for sale. Unchanged `0' IDR Uplift: No IDR uplift is assigned based on the size of YBS's assets to the total banking system and its level...
