LONDON (Standard&Poor's) Feb. 28, 2014--Standard&Poor's Ratings Services said today that it assigned its 'BB+' issue rating to the proposed perpetual contingent convertible additional Tier 1 capital securities (the proposed securities) to be issued by U.K. building society Nationwide Building Society (A/Negative/A-1). The issue rating is subject to our review of the securities' final documentation. This will be the first such issue by Nationwide, and only the second U.K. financial institution to issue additional Tier 1 contingent convertible securities. We understand that the proposed securities will comply with the Capital Requirements Directive IV (CRD IV), which implements Basel III in the EU. Under the terms of the proposed securities, a capital adequacy trigger event would occur if
