Clydesdale's Moody blues
Don't panic, we're told, about the questions being asked of Clydesdale Bank's credit health.
The way they see it in the Glasgow headquarters is that Moody's, one of the big three in corporate credit rating, is merely running a rule over what have been very robust ratings in the first place.
Clydesdale took a hit in earlier stages of the downturn, as its loan book suffered the same pounding as other lenders.
But the story it had to tell was one of relative conservatism paying off, while its larger Scottish-based rivals, the Royal Bank and HBOS, followed by the Dunfermline Building Society, smacked into calamity and needed bailing out on a spectacular scale.
Clydesdale recently reported an uptick in bad debt, but nothing to knock it off its cautious stride.
Now, it seems Clydesdale and its partner Yorkshire Bank are being drawn into a wider Moody's review of Australian banking - these two brands representing the entire European division of National Australia Bank.
The Aussie bank sector, and the nation's wider economy, have been noted for having a good downturn - surviving it through a combination of conservative balance sheets and the country's rich commodity mining sector.
Feeding into the Asian manufacturing and construction sectors, the Australian economy didn't even have a recession involving consecutive quarters of contraction.
So peppered with A credit ratings from Standard and Poor, Fitch and Moody's, the downgrade warning may be more of a reality check on ratings generosity.
If they're not chastened by their role in the bank crash, then the agencies should be - and some think they're expressing it by being unduly hawkish.
One thing for sure - this shouldn't affect customers.
But it is one of those periodic reminders that the relatively sluggish Clydesdale and Yorkshire may not fit forever into the NAB view of the future from Melbourne.
Acquisitive rivals keep wondering when they might come on the market.