Fitch Affirms Co-op Bank Credit Ratings

NZX Announcement 21 October 2020 Fitch Affirms Co-op Bank Credit Ratings The Co-operative Bank Limited (Co-op) advises that Fitch Ratings (Fitch) has affirmed the Long-Term Issuer Default Rating (IDR) of Co-op at 'BBB' and the Viability Rating (VR) at 'bbb'. Fitch affirmed Co-op's short term IDR at F2 and Subordinated Debt rating at BB+. The outlook on the Long-Term IDR remains at negative, reflecting Fitch's view on the downside risk to their base case expectation for New Zealand's 2020 and 2021 GDP outcomes. For further information please contact: Jeremy Valentine General Manager - Risk, Legal & Governance The Co-operative Bank Limited (04) 495 7588 ENDS End CA:00361773 For:COO Type:CREDIT Time:2020-10-21 08:30:11