Moody's Upgrades Co-Operative Bank Credit Rating
LONDON (Alliance News) - Moody Investors Service on Thursday said it has upgraded its standalone baseline credit assessment of the Co-operative Bank PLC to caa2 from ca in light of its improved credit profile and capital position after the bank implemented its capital increase.
The credit ratings agency said its outlook on the long-term debt and deposit ratings is positive, driven by its expectation that the completion of the bank's recapitalisation will allow it to focus on its non-core portfolio, improving its profitability and low efficiency.
Moody's in July had placed Co-operative Bank's credit rating under review amid its recapitalisation plans, involving a GBP700.0 million capital raise.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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