Despite governments' and central banks' measures to contain the COVID-19 pandemic, global economies face an unprecedented challenge and there are substantial downside risks. We are revising our outlook on Nationwide Building Society to stable from positive. We are affirming our issuer credit and issue ratings because Nationwide's robust balance sheet and cushion of bail-inable instruments are significant mitigants to the adverse operating environment. The stable outlook reflects our view that Nationwide is well positioned to withstand the weak economic outlook. On April 23, 2020, S&P Global Ratings revised its outlook on U.K.-based Nationwide Building Society to stable from positive. At the same time, we affirmed our 'A/A-1' issuer credit ratings, 'A+/A-1' resolution counterparty ratings, and all issue ratings on Nationwide.
