Fitch upgrades Cooperative Bank credit rating on expectations of future profits

Mon, 05 Sep 2016

By Edwin Mitson Sept. 5 (BusinessDesk) - Fitch Ratings has upgraded the Cooperative Bank's credit rating to BBB from BBB- on the basis that it expects a turnaround in earnings and profitability over the next 12 to 18 months. In a statement, Fitch said the bank currently generates weaker profits than its peers, but the upgrade reflects its view that the bank will be able to execute on its strategic objectives. Analysts noted a rising exposure to interest-only and investor mortgages, although current levels are low and consistent with its...

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