Strong U.K. residential mortgage and retail savings franchises, with a growing market position in adjacent products including personal current accounts Lending focused on prime residential mortgages Strong capitalization and increasing additional loss-absorbing capacity. Concentrated exposure to the leveraged U.K. household sector Risk of a weaker economic environment post-Brexit Less business and geographic diversification relative to universal bank competitors The positive outlook on U.K.-based Nationwide Building Society indicates that S&P Global Ratings could raise its long-term issuer credit rating (ICR) to 'A+' in the coming 12 months because of a notch of additional loss-absorbing capacity (ALAC) uplift. More specifically, we could raise the ICR if we expect Nationwide's ALAC ratio will sit sustainably above our 8% threshold. In that scenario, we
