Ratings agency Moody's has downgraded the Co-operative Bank to "junk" status.
Last month the Co-op tried to buy 632 branches from Lloyds Bank and was planning to resurrect the old TSB (Trustee Savings Bank) brand. However that deal collapsed. In retrospect it looks like an attempt to make itself "too big to fail" which didn't quite come off.
The Co-op owns two UK major entities: Smile Bank and the Britannia Building Society. Between them they have several million UK customers who around about now will be wondering where to move their money to. This blog reckons Northern Rock should be safe! (Just kidding!)
However, if you're feeling very brave indeed, now could also be a buying opportunity. The Co-op (although mutual, not shareholder-owned) has preference shares traded on the London Stock Exchange. You could buy some of these (LSE:CPBB) and lock in close to a 9% yield forever more.