West Brom RMBS dropping off radar
Fitch has withdrawn the expected rating of West Bromwich Building Society’s Kenrick No. 1 RMBS, which was marketed in July but postponed in the face of market volatility. This leaves it with only a Moody’s rating, meaning it will probably need to be re-rated before returning to marketing.
West Bromwich has a £500m government guaranteed issue maturing in April 2012.
West Bromwich itself was junked by Fitch in early November, its rating dropping from BBB- to B+, on the back of concerns about its poorly performing commercial loan book.This pushed down the ratings of its Sandwell CMBS ...