Transaction Update: Nationwide Building Society

The cover pool comprises U.K. prime residential loans. The available credit enhancement exceeds the credit enhancement required at the current rating level. The current ratings incorporate unused notches of uplift, meaning we would not necessarily lower the ratings on the covered bonds if we lowered the ratings on Nationwide or the U.K. The issuer has committed to maintain a level of credit enhancement in the cover pool commensurate with the current rating. S&P Global Ratings' stable outlook on its ratings on the mortgage covered bonds issued by Nationwide Building Society's global covered bond program reflects the fact that we would not necessarily lower our ratings on the covered bonds if we were to downgrade either Nationwide (A/Positive/A-1) or the U.K.

...+ The cover pool comprises U.K. prime residential loans. + The available credit enhancement exceeds the credit enhancement required at the current rating level. + The current ratings incorporate unused notches of uplift, meaning we would not necessarily lower the ratings on the covered bonds if we lowered the ratings on Nationwide or the U.K. + The issuer has committed to maintain a level of credit enhancement in the cover pool commensurate with the current rating....

Transaction Update Report