Ratings agency Standard & Poor’s has lowered its ratings for
the Clydesdale Bank to ‘A+/A-1’ from ‘AA-/A-1+’, with a negative
outlook.
The change came about as a result of concerns over expected
losses on Clydesdale’s commercial lending, including the bank’s
asset finance activities.
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These concerns were mitigated to some extent by the relative
health of National Australia Bank, which has owned Clydesdale since
1987.
A spokesperson for Clydesdale commented that the review had
focused on the bank’s commercial loan portfolio, particularly in
the property and construction sectors.
They added that Clydesdale’s asset finance business was ‘in good
shape’, and that its personal mortgage book was ‘very
strong’.
Fred Crawley
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