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It is therefore with pleasure that I am able to report this week that Britain’s mutual sector has received some excellent news. Moody’s decision to upgrade its outlook on the debt of the Skipton Group, saying it had confidence in its improved financial performance, is a splendid end to a successful year for the Group.
Moody’s raised Skipton’s outlook from ‘negative’ to ‘stable’ and said the UK’s fourth largest building society was benefiting from “stabilising asset quality”, increasing profits and a programme designed to make it a simpler business.
The mutual sector has faced increased questions over its future in the wake of the Co-op Bank saga, with regulators pushing building societies to build up capital levels.
Skipton Business Finance is a wholly owned subsidiary of the Skipton Group and has enjoyed a successful 2013 with increased profitability, record levels of cash advanced to UK SME’s and outstanding service levels reported in its annual clients’ satisfaction survey.