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 additional loss-absorbing capacity. Concentrated exposure to the leveraged U.K. household sector, and less diversification relative to universal bank competitors. Earnings adversely affected by industrywide margin compression and Nationwide's technology investment program. Risk of a weaker economic environment post-Brexit. The positive outlook on U.K.-based Nationwide Building Society indicates that we could remove the negative adjustment notch and raise the long-term issuer credit rating (ICR) to 'A+' in the coming six-to-12 months if we conclude that Nationwide merits the higher rating relative to its global peers. Specifically, we could raise the long-term ICR
