Strongly performing prime residential mortgages represent 70% of the net loan book. Strong U.K. deposit and mortgage franchises, with an improving market position in personal current accounts. More consistent overall strategy and more stable management team than many U.K. peers. Weakly performing commercial real estate loan book. Concentrated exposure to the leveraged U.K. household sector. Current capital levels, by our measures, is a ratings weakness. Standard&Poor's Ratings Services' negative outlook on Nationwide Building Society primarily reflects the negative trend that we have assigned to U.K. banking industry risk. We could lower the ratings on Nationwide if our assessment of U.K. industry risk worsens, resulting in a lowering of the anchor for a bank solely operating in the U.K.
