1. ITV Report

Co-op moves to reassure customers after downgrade

The Co-operative Bank's investment grade rating has been slashed to "junk" status Photo: PA

The Co-operative Bank has attempted to reassure millions of customers that it will not need to be bailed out by the government after a ratings agency downgraded its credit status.

The Co-op said in a statement "we haven't sought nor do we need government support" and insisted it was taking action to strengthen its bank's balance sheet.

Moody's announced the downgrade to "junk" status last night amid fears over the bank's capacity to absorb future losses.

It was followed just hours later by the resignation of its chief executive Barry Tootell.

ITV News' Economics Editor Richard Edgar reports: