The ratings on Nationwide Building Society (Nationwide) reflect its good position in the U.K. mortgage and retail savings markets. Asset quality remains strong and core capital ratios compare well with most peers. Underlying profitability remains satisfactory, despite the strategy of rewarding members through competitive pricing. Nationwide is committed to retaining its mutual status. With total reported assets of £93.9 billion ($158 billion at $1.683 to £1) at Oct. 4, 2003, Nationwide is by some margin the largest building society in the U.K. A greater focus on remortgage loans has seen Nationwide's net mortgage lending market share accelerate to a high 15.7% in 2003, compared with a natural share of 7.9%. Remortgaging is expected to remain a feature of the U.K.
