Fitch adopts negative outlook on TSB, SBS, Co-op and others

Tue, 19 May 2020

Fitch Ratings has revised its outlook to negative from stable for the ratings of the three smaller locally-owned banks - TSB Bank, SBS Bank and Co-operative Bank - in case the fallout from the coronavirus crisis is worse than its base case projections.The international ratings agency said government support for the organisations, also including the Wairarapa Building Society and some credit unions, is possible but can't be relied on. The Reserve Bank's open bank resolution policy also makes it less likely the government will p...

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