National Australia Bank Limited
(ASX:NAB) CEO Cameron Clyne says he’s disappointed by a Moody’s downgrade of Clydesdale Bank’s credit rating.
Moody’s Investors Service revised its credit rating for Clydesdale Bank from A2 to Baa2.
Mr Clyne says the downgrade is disappointing given the restructure of the UK operations announced in 2012 is driving significant improvements in the business.
He says NAB’s support for Clydesdale Bank is unchanged.
There is no change in the ratings outlook for NAB.
NAB generated a net profit of $2.5 billion in the first half of fiscal 2013.
