We believe that Nationwide Building Society is demonstrating predictable earnings, sound asset quality, and improving capitalization and that these trends will continue over our two-year outlook horizon. We are affirming our long- and short-term counterparty credit ratings on Nationwide at 'A/A-1'. As a result of the aforementioned trends, we see an increasingly likelihood that we could raise our view of Nationwide's stand-alone credit profile (SACP) by one notch, which would lead us to raise its hybrid ratings by one notch. The stable outlook on our counterparty credit ratings reflects our view that, if the SACP uplift occurred, we would likely remove the one notch of uplift for additional loss-absorbing capacity (ALAC). On Jan. 19, 2016, Standard&Poor's Ratings Services
