Co-op bank is downgraded

 
Michael Bow
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THE CO-OPERATIVE Bank was downgraded by ratings agency Moody’s last night after the agency said it may need “external support” to maintain regulatory capital levels.

Moody’s said debt writedowns and pressure from commericial real estate exposures increased the “moderate potential for systemic support likely to be forthcoming from the UK authorities”.

Co-op said it was “disappointed” with the downgrade and added it had a strong funding profile.