14.08.2015 12:49:00

Moody's: No rating impact on Moorland Covered Bonds following outsourcing of servicing operations

London, 14 August 2015 -- Moody's Investors Service announced today that the outsourcing of mortgage servicing operations for the Moorland Covered Bond Programme to Capita Business Services Limited (Capita, not rated) from Co-operative Bank PLC (Co-op, senior unsecured Caa2; positive; adjusted baseline credit assessment caa2; Counterparty Risk (CR) Assessment B2(cr)) will not, in and of itself and as of this time, result in the downgrade or withdrawal of the Baa1 rating assigned to covered bonds.

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