SBS, Cooperative banks expect little impact from Fitch downgrade

Tue, 19 May 2020

SBS Bank and Cooperative Bank expect little immediate impact from Fitch Ratings downgrading their subordinated debt to below investment grade. Fitch affirmed both banks' main "BBB" ratings although it changed the outlook to negative because of the economic impact of the coronavirus crisis. It also downgraded both banks' subordinated debt from "BBB-" to "BB+." Cooperative has $45 million in subordinated debt on issue, $15 million of that being a retail issue listed on NZX and the rest wholesale. SBS has $104 million comprised of two wholes...

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