Strong capitalization Strong position in the U.K. mortgage and retail savings markets Differentiated market position through mutual status and pricing policy Strong relative asset quality Modest relative earnings measures which in part reflects the mutual pricing policy Reliance upon the strength of the U.K. household sector The ratings on Nationwide Building Society reflect its strong capitalization, important market position as the only large mutual competitor in the U.K. retail market, and low risk profile loan book. Offsetting factors are that earnings measures and the degree of business diversity compare less favorably to larger U.K. peers. Nationwide is the U.K.'s seventh-largest financial institution. It is also by some margin the largest building society, a position reinforced by its merger with Portman
