Fitch cuts Co-operative Bank

Fitch Ratings said it has downgraded the Co-operative Bank plc's long-term issuer default rating to BBB- from BBB+ and viability rating to BBB- from BBB+.

The issuer default ratings, viability rating and debt ratings have been removed from rating watch negative and the outlook on the long-term issuer default rating is negative, the agency said.

The downgrade of the issuer default ratings and viability rating reflects the weakened Fitch core capital and regulatory core tier 1 ratios resulting from a greater than anticipated deterioration in earnings and asset quality, the agency stated.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.