The ratings on Nationwide Building Society reflect its strong capitalization, important market position as the only large mutual competitor in the U.K. retail market, and low risk profile loan book. Offsetting factors are that earnings measures and the degree of business diversity compare less favorably to larger U.K. peers. Nationwide is the U.K.'s seventh-largest financial institution. It is also by some margin the largest building society, a position reinforced by its merger with Portman Building Society, completed Aug. 28, 2007. The enlarged Nationwide now has total assets in excess of £160 billion ($320 billion) and about 13 million members. Capitalization compares well on an international basis and particularly so relative to U.K. peers'. Following the completion of the Portman merger
