Bulletin: Ratings On Nationwide Building Society Global Mortgage Covered Bonds Unchanged Following Program Documentation Changes

LONDON (S&P Global Ratings) July 1, 2016--S&P Global Ratings said today that its 'AAA' credit ratings and stable outlook are unchanged on Nationwide Building Society Global Covered Bond Programme's U.K. mortgage covered bonds following changes in the program documentation. The changes were voted in a bondholders meeting on June 21, 2016, and will be effective on July 1, 2016. The changes include: The withdrawal of the swaps on the portion of the tracker-paying assets which represents 10% or less of the portfolio. The inclusion of a selected liquidity reserve amount, whereby 5% of the assets can be carved out of the selected assets required amount. The introduction of a collateralized bank account, which has no replacement trigger, but instead, will

...LONDON (S&P Global Ratings) July 1, 2016--S&P Global Ratings said today that its '###' credit ratings and stable outlook are unchanged on Nationwide Building Society Global Covered Bond Programme's U.K. mortgage covered bonds following changes in the program documentation. The changes were voted in a bondholders meeting on June 21, 2016, and will be effective on July 1, 2016. The changes include: + The withdrawal of the swaps on the portion of the tracker-paying assets which represents 10% or less of the portfolio. + The inclusion of a selected liquidity reserve amount, whereby 5% of the assets can be carved out of the selected assets required amount. + The introduction of a collateralized bank account, which has no replacement trigger, but instead, will be fully collateralized upon loss of 'A/A-1' ratings. + The lowering of the trigger to fund setoff risk in the asset coverage test to '###+'. + The appointment of a back-up servicer and back-up cash manager upon loss of a long-term '###-'...

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