Abbey, Alliance & Leicester (A&L) and Nationwide credit ratings downgraded

Moody’s has downgraded the credit ratings of Santander owned Abbey and Alliance & Leicester (A&L). The company reassessed the banks owned by the Spanish Santander group along with a number of other UK building societies, such as Nationwide.

The downgrading has been made on the basis that the UK property market will peak-to-trough fall of 40%. The Banking Times has reported that Moody has concerns that these lenders involved do not have the strength needed to absorb the losses in the property market, and they will struggle to keep on making profit in today’s mortgage market.

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Five Across the Eyes move has had its Bank Financial Strength Rating (BFSR) cut to C- from C+, A&L’s BFSR has been cut to E+ from C+ and Nationwide The Poet download has seen its rating reduced from B to C-. Chelsea Building Society has also been downgraded, its BFSR amended from C to E+. It’s All About Love movie