DBRS Withdraws Ratings on The Co-operative Bank plc

DBRS Ratings Limited (DBRS) has today withdrawn its ratings on The Co-operative Bank plc. The decision to withdraw the ratings was made at DBRS’s discretion. The last rating action on these ratings was undertaken on June 20, 2014, when the Long-Term Debt & Deposits rating was downgraded to BB (low), with a Negative trend, from BB and the Short-Term Debt & Deposits rating was confirmed at R-4, with a Stable trend. The withdrawal does not signify any change in DBRS’s view of the Bank.

Notes:
All figures in pound sterling (GBP) unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations (June 2014). Other applicable methodologies include the DBRS Criteria: Support Assessments for Banks and Banking Organisations (January 2014) and DBRS Criteria: Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities (December 2013). These can be found at: http://www.dbrs.com/about/methodologies

[Amended on October 14, 2014 to reflect actual methodologies used.]

The sources of information used for this rating include company reports and SNL Financial. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

Generally, the conditions that lead to the assignment of a Negative or Positive Trend are resolved within a twelve month period. DBRS’s outlooks and ratings are under regular surveillance.

For further information on DBRS historic default rates published by the European Securities and Markets Administration (“ESMA”) in a central repository, see:
http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Lead Analyst: Ross Abercromby
Rating Committee Chair: Roger Lister
Initial Rating Date: August 10, 2009
Most Recent Rating Update: June 20, 2014

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For additional information on this rating, please refer to the linking document located at: http://www.dbrs.com/research/236983/banks-and-banking-organisations-linking-document.pdf

Information regarding DBRS ratings, including definitions, policies and methodologies are available on www.dbrs.com.