Co-Op Bank Says It Doesn’t Need Government Aid After Ratings Cut

Co-Operative Bank Plc, which began in Britain’s 19th-century industrial north, said it doesn’t need a government bailout after Moody’s Investors Service cut the lender’s rating to junk status, citing a capital shortfall.

“We have not sought nor do we need government support,” the Manchester, England-based lender said in a statement after Moody’s reduced its rating by six steps and said Co-Op Bank may require “external support” if real-estate losses escalate.