Strongly performing prime residential mortgages represent 72% of the net loan book. Strong U.K. deposit and mortgage franchises, with an improving market position in personal current accounts. Improving earnings prospects. Concentrated exposure to the leveraged U.K. household sector. Retail credit growth is quite brisk. Commercial real estate loan book has performed poorly, though problem exposures are being reduced. The CreditWatch placement of the ratings on Nationwide Building Society reflects our view that extraordinary government support is becoming less predictable for operating companies of systemically important U.K. banking groups. If we recategorize the U.K. as "support uncertain," we would remove the two notches of systemic support that we currently include in the ratings on Nationwide. Our conclusion of the CreditWatch placement,
