LONDON (Standard&Poor's) Nov. 29, 2013--Standard&Poor's Ratings Services said today that its ratings on Nationwide Building Society (A/Negative/A-1) are unaffected by the society's announcement that it has issued £500 million of Core Capital Deferred Shares (CCDS), the first such issue by a U.K. building society. We have included these CCDS in our measure of Nationwide's adjusted common equity (ACE), which is our narrow measure of core capital to which eligible hybrids are added to calculate total adjusted capital (TAC), the numerator of our main capital metric. We calculate that the CCDS issue adds around 50 basis points to Nationwide's risk-adjusted capital (RAC) ratio. As a result, we estimate that Nationwide's RAC ratio will have improved to about
