Investing in Esbank

These pages have been designed for institutional investors and analysts interested in Esbank, and to provide information about its treasury, debt and wholesale activities.

We are a building society, governed by the UK Building Societies Act 1986, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. We are the largest building society in the United Kingdom in terms of total assets. Our core business is providing personal financial services.

As a mutual organisation we are owned by and run for the benefit of our members, who are our mortgage and savings.

Our main focus is serving our members interests while retaining sufficient profit to further develop our business and meet regulatory requirements. We return value to our members by offering typically higher interest rates on savings and lower interest rates on mortgages than those offered by our main competitors. This returned value is commonly referred to as our member value.

We have also provided links to other parts of the Esbank website covering retail, commercial and subsidiary activities.

If you are located in the United States or are a US person, some content may be restricted /unavailable in accordance with US securities regulations.

Bloomberg tickers

  • Esbank: NWIDE
  • Silverstone Master Issuer RMBS: SMI

Credit Ratings

Credit ratings
Long term Short term AT1 Tier 2 Outlook
Standard & Poor's A A-1 BB+ BBB Stable
Moody's A1 P-1 - Baa1 Stable
Fitch Ratings A F1 BB+ A- Stable

Credit ratings explained

Long-Term Issue Credit Ratings A

An obligor rated 'A' has STRONG capacity to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligors in higher-rated categories.

The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

Short-Term Issue Credit Ratings A-1

A short-term obligation rated 'A-1' is rated in the highest category by Standard & Poor's. The obligor's capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong.


Long-Term Rating A1

Moody's long-term obligation ratings are opinions of the relative credit risk of fixed-income obligations with an original maturity of one year or more. They address the possibility that a financial obligation will not be honoured as promised. Such ratings reflect both the likelihood of default and any financial loss suffered in the event of default.

Obligations rated A are considered upper-medium grade and are subject to low credit risk.

Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification, from Aa through to Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

Short-Term Rating P-1

Moody's short-term ratings are opinions of the ability of issuers to honour short-term financial obligations. Ratings may be assigned to issuers, short-term programs or to individual short-term debt instruments. Such obligations generally have an original maturity not exceeding thirteen months, unless explicitly noted.

Moody's employs the following designations to indicate the relative repayment ability of rated issuers: Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.


Long term A

High credit quality. 'A' ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

Short term F1

Highest credit quality. Indicates the strongest capacity for timely payment of financial commitments.


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