SACP--Stand-Alone Credit Profile. In the above snapshot, the SACP reflects the unsupported group credit profile (UGCP) of the CYBG group. The bank holding company rating shown applies to CYBG PLC, and is one notch below the UGCP. The operating company rating shown applies to Clydesdale Bank PLC. Strong capitalization and balanced funding strategy. Improved asset quality metrics following deleveraging and broader restructuring. Risk profile supported by conduct indemnity and operational support by National Australia Bank. Modest franchise relative to larger national peers and increasing competitive pressures among smaller lenders. High exposure to buy-to-let within total mortgages. Accelerated credit growth. CYBG PLC The stable outlook on CYBG PLC reflects our stable outlook on the unsupported group credit profile (GCP). Consequently, we
