Fitch and Moody's announce further upgrades for Skipton

Fitch has upgraded Skipton Building Society’s long term issuer default ratings to BBB+ from BBB with a stable outlook, keeping its short term rating at F2.

Moody’s has upgraded Skipton from Baa3 to Baa2 long term and from P3 to P2 short term. Moody's has also placed the Society's Deposit rating on positive outlook.

This is the second upgrade for Skipton by Fitch and Moody’s in the last nine months, reflecting a strong performance in Skipton’s Mortgages and Savings Division and the simplification of the Group structure.

Fitch referenced an improvement in asset quality and stronger capital ratios, as well as citing that earnings have stabilised as it upgraded the Society. Moody’s also praised significant improvements in the asset quality of Skipton’s Mortgages and Savings Division.

Skipton’s Group Chief Executive, David Cutter, said:

“I very much welcome today’s news that Skipton has again been upgraded. Skipton continues to perform strongly and consistently, while driving sustainable improvements to the business for the benefit of our membership. So it is pleasing that both Fitch and Moody’s have again acknowledged this work.”