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Moody's assigns ratings to Co-op Bank's holding company

Moody's on Aug. 14 assigned long- and short-term local- and foreign-currency issuer ratings of Caa1/Not Prime to The Co-operative Bank Finance PLC, with a positive outlook on the long-term ratings.

The Co-Operative Bank Finance is the holding company of Co-operative Bank PLC.

The ratings reflect the high loss-given-failure for the senior unsecured instruments to be issued by The Co-Operative Bank Finance, a low probability of government support for the firm and Co-op Bank's stand-alone creditworthiness, the rating agency said.

Moody's said the positive outlook is in line with that on Co-op Bank's long-term deposit ratings.