Lower risk profile following deleveraging reduction and broader restructuring. Risk profile underpinned by £690 million contingent capital support by National Australia Bank. Balanced funding strategy and solid capitalization. Regional bias and concentration in U.K. retail and small and midsize enterprise banking. Modest franchise relative to larger national peers and increasing competitive pressures among smaller lenders. Accelerated credit growth. The negative outlook on Clydesdale Bank PLC (Clydesdale) reflects the risk of a weaker operating environment following the U.K.'s decision to leave the EU. Specifically, we could revise down the anchor for U.K. banks to 'bbb' from 'bbb+' over the next 18-24 months if prolonged uncertainty following the referendum weakens the macroeconomic outlook and the resilience of the U.K. economy. This could,
