Nationwide Building Society has steadily increased its loss-absorbing capacity, principally through senior nonpreferred debt issuance. However, Nationwide's financial performance is currently under pressure from sustained price competition in the U.K. mortgage market and its technology investment program. We are therefore affirming our 'A/A-1' long- and short-term issuer credit ratings (ICRs) on Nationwide, our 'A+/A-1' resolution counterparty ratings, and all our issue ratings on Nationwide's debt instruments. The positive outlook indicates that we could raise the long-term ICR if we become more comfortable that Nationwide's net interest margin, cost efficiency, and pretax earnings will exhibit greater stability. On Jan. 20, 2020, S&P Global Ratings affirmed its 'A/A-1' long- and short-term issuer credit ratings (ICRs) on U.K.-based Nationwide Building Society. The outlook
