The stable outlook reflects S&P Global Ratings' view that Nationwide Building Society (Nationwide) will continue to deliver resilient profitability despite the challenges of the pandemic operating environment, a competitive mortgage market in the U.K., and an evolving interest rate environment. We expect the group's strong base of bail-in-able and other capital instruments will continue bolstering this solid performance, further supporting our 'A+' issuer credit rating. We could lower our ratings if Nationwide were unable to sustain recent performance improvements, likely precipitated by stronger-than-expected competition, weakening cost control, or deterioration in its risk appetite and asset quality. An upgrade is unlikely in the next 24 months. We could consider an upgrade in the medium term if Nationwide meaningfully expanded and diversified
