ABCUL Members

The Co-operative Bank Credit Update

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  • #5246

    Samantha
    Participant

    Unify subscribe to a service called Link asset that supply Moody’s, fitch’s and S&P credit ratings for institutions. There is a lot of information that we get on the live report that helps us when making an investment decision.

    We also get immediate updates when a rating changes, whether this be upgrade or downgrade.

    We received notification over the weekend about a change to The Co-Operative bank. The update includes some information that I feel would be worth sharing as most of us bank with The Co-op.

    Update:

    According to Fitch, the rating actions follow the announcement by Coventry Building Society (Coventry) that they have agreed to non-binding terms of a cash-financed acquisition of the Co-operative Bank. Fitch state that they do not expect the acquisition to have an immediate significant impact on the standalone credit profile of the Co-operative Bank. Therefore, the Viability Rating (VR) is unaffected by today’s rating actions. This is because Coventry will operate the Co-operative Bank as a separate business and integrate it gradually over several years.

    Thanks

    Sam

    Unify Credit Union

    Finance Manager

    Samantha Owen Finance Manager Unify Credit Union LTD Email : finance@unifycu.org

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  • #5251

    Simon
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  • #5254

    Joel
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