Standard&Poor's has assigned its 'BBB/A-2' issuer credit ratings to Big Sky Building Society Ltd. (Big Sky). Our ratings on Big Sky reflect the building society's very strong capitalization, and its good loss experience in line with its focus on low-risk residential mortgages. These factors are offset by Big Sky's limited competitive advantages in a highly commoditized, price-sensitive market, and a funding profile that is vulnerable to competitive pressures, particularly in a stressed operating environment. The stable outlook reflects our expectation that the rating should remain unchanged in the next two years even if there is a modest weakening in its stand-alone credit profile (SACP), because we expect that it would be offset by a ratings uplift reflecting support
