On Sept. 12, 2006, Standard&Poor's Ratings Services affirmed its 'A+' long- and 'A-1' short-term counterparty credit ratings on Nationwide Building Society following today's announcement by Nationwide that it is to merge with Portman Building Society (not rated). The outlook is stable. The affirmation reflects Standard&Poor's view that the merger represents a useful addition to Nationwide's market position, but is not sufficient in itself to change the ratings. The financial impact of the transaction is not considered material, while execution risk is not expected to be significant given the similar mutual ethos of both institutions. Nationwide is already, by some margin, the U.K.'s largest building society. The addition of Portman's assets, which will increase Nationwide's asset base
