LONDON (Standard&Poor's CreditWire) Feb. 11, 2000--Standard&Poor's today assigned its single-'A'-minus rating to the proposed issue of permanent interest bearing share receipts (PIB Receipts) by Nationwide Building Society (Nationwide; single-'A'-plus/Stable/'A-1'), which will be issued through The Law Debenture Intermediary Corp. PLC (the trustee). Nationwide, the largest building society in the U.K., will issue permanent interest bearing shares (PIBS), which will be held by the trustee. The trustee will in turn issue the PIB Receipts to investors. The PIB Receipts will be listed on the London Stock Exchange. The PIBS will be included in Nationwide's regulatory Tier 1 capital. Nationwide reported a Tier 1 capital ratio of 9.9% at Oct. 4, 1999. Under the terms of the trust,
