June 18, 2013 / 9:47 AM / in 4 years

Moody's downgrades Britain's ailing Co-op

LONDON, June 18 (Reuters) - Ratings agency Moody’s on Tuesday said it had downgraded the senior debt and deposit ratings of the UK’s Co-operative Bank, a day after the bank announced a 1.5 billion pound ($2.36 billion) recapitalisation plan.

The ratings of the Co-op’s senior unsecured debt and deposits were both lowered to Caa1 from Ba3l the bank’s financial strength rating was cut to E from E+. Moody’s noted the ‘material risk’ that the bank would impose burden sharing on bondholders. Junior bondholders are already being asked to accept losses as part of the recapitalisation.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below