This bank’s IPO is being shelved for 24 hours because of a credit rating agency

The deposit rating is utilised by certain secured funding programmes, which represent 13% of CYBG’s total funding.

The outcome of this assessment could be a near-term downgrade of the short- and/or long-term deposit rating or the placing of such rating on credit watch with negative implications.

CYBG is expected to have a senior standalone investment grade credit rating.

CYBG does not anticipate any such downgrade to have any material impact on its ability to raise funding, the overall cost of funding, or the financial outlook for CYBG.

A downgrade of the short – and/or long-term deposit rating would require Clydesdale Bank to take mitigating actions in relation to its existing secured funding programmes.

This ratings development may not occur, and should it occur, is not considered material to the financial position and outlook of CYBG.

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