National Australia Bank was meant to launch its IPO of its UK lender Clydesdale Bank on Tuesday but instead it told the market that it is shelving the float for 24 hours.

Why? Because a credit rating agency got in touch and launched a “specific request … for certain financial information relating to its assessment of Clydesdale Bank’s short – and/or long-term deposit rating.“

It warned that the assessment may affect Clydesdale’s credit rating.

National Australia Bank said in a statement (emphasis ours):

The deposit rating is utilised by certain secured funding programmes, which represent 13% of CYBG’s total funding.

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Source : BusinessInsider.Com