We expect that the underlying earnings pressures seen in the second half of Nationwide's 2008/2009 financial year will likely persist. We are affirming the counterparty credit ratings on Nationwide at 'A+/A-1' and lowering its stand-alone credit profile to 'A' from 'A+'. We are now factoring one notch of support into the long-term counterparty credit rating, reflecting our views of Nationwide's high systemic importance and, if required, the availability of government support. We are lowering the junior subordinated debt to 'BBB' from 'BBB+', maintaining the three notch gap from the stand-alone credit profile. The negative outlook reflects our expectation that the environment will remain unsupportive and could deteriorate further. On July 27, 2009, Standard&Poor's Ratings Services affirmed its 'A+/A-1'
