(The following statement was released by the rating agency)
SYDNEY, June 02 (Fitch) Fitch Ratings has assigned a
subordinated debt rating of
'BB+' to The Co-operative Bank Limited's (Coop, BBB-/Positive)
proposed
Basel-III compliant Tier 2 instrument of up to NZD30m.
Coop's subordinated notes are direct and unsecured obligations.
The notes'
proposed term is 10 years, maturing in 2026. Earlier redemption
in 2021 and each
quarterly interest payment due thereafter is possible, subject
to writte
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