UK issuers restructuring in bid to protect ratings

Moody’s yesterday (Wednesday) downgraded Yorkshire Building Society’s covered bonds from Aaa to Aa1 and cut Chelsea Building Society’s from Aa3 to A1. It removed these from review, but continued its reviews of five other UK programmes, four of which are being restructured in a bid to stave off rating actions. [This article corrects and expands on yesterday’s coverage of Moody’s actions.]