The ratings on Nationwide Building Society reflect its strong position in the U.K. mortgage and savings markets, and good asset quality. Asset growth has been brisk over the past couple of years, but capitalization and funding continue to compare well with peers. Underlying profitability remains satisfactory, despite the strategy of rewarding members through competitive pricing, and is benefiting from efficiency initiatives. Being the U.K.'s largest building society enhances Nationwide's franchise. Nationwide is committed to retaining its mutual status. With total reported assets of £107.8 billion ($194.1 billion) at Oct. 4, 2004, Nationwide ranks as the seventh-largest U.K. financial services provider. Reflecting strong asset growth over the past couple of years, Nationwide now ranks as the fourth-largest U.K. mortgage lender by
