It is one of the several variants in the group of "Universal Time" standards (irony of all ironies).  

It's probably that the other members of the group do not talk to each other, so a new standard that does was needed -- a "co-ordinated" standard.  

Now we can see that "Coordinated" is essentially a second thought, a qualifier that is more in the nature of a subscript than a full-fledged adjunct.  

Just read it with an implied comma:  
>Universal Time, Coordinated.  

*meta:* Answered from the ELU point of view; restricted to the ELU purview.