LONDON (S&P Global Ratings) Oct. 16, 2019--S&P Global Ratings said today that the proposed amendments to the terms and conditions of two series of covered bonds issued by Nationwide Building Society (NBS) are credit neutral. Our 'AAA/Stable' ratings remain unaffected by these changes. NBS' consent solicitation seeks noteholder approval to change the existing GBP LIBOR interest basis to a compounded daily SONIA interest basis for two series of covered bonds, the £1,000,000,000 Floating Rate Series 2018-01 due April 12, 2023 (ISIN: XS1806359714) and the £750,000,000 5.625% Series 2011-2 due Jan. 28, 2026 (ISIN: XS0584363724). Additionally, NBS announced that it is exploring the potential transition of the remaining GBP floating-rate LIBOR-linked covered bonds to SONIA: the £100,000,000 Floating Rate Series 2011-20
