TSB Bank plc today announces that Moody's, the ratings agency, has assigned investment grade issuer ratings to both TSB Bank plc and its listed parent company TSB Banking Group plc (together, "TSB"). The rating follows an independent assessment by Moody's of TSB's strategic progress since listing on the London Stock Exchange in June 2014; and of its balance sheet following the completion of Banco de Sabadell SA's acquisition of TSB in June 2015.
Following Moody's assessment, TSB Bank plc's senior long term debt instruments will be rated at Baa2 (with a positive outlook), and subordinated instruments issued from TSB Banking Group plc have been rated at Baa3 (with a stable outlook). In addition, TSB Bank plc has been given a standalone rating of Baa2.
Commenting on the Moody's decision, Paul Pester, Chief Executive Officer of TSB Bank plc, says: "It is extremely satisfying to have TSB's strong progress recognised by Moody's in this way.
"TSB has strong foundations and a clear, deliverable strategy for growth. These foundations have been fortified by TSB's incorporation into the Sabadell Group and, we look forward to going from strength to strength with the firepower of Sabadell behind us."
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