Moody's rates Allied Bank Pakistan

Moody's Investors Service said it assigned Ba3/not-prime global local-currency deposit ratings, B3/not-prime foreign-currency deposit ratings and a D- bank financial strength rating to Allied Bank Ltd. of Pakistan.

The outlook is stable.

The ratings are supported by the bank's strong position in the domestic market, strong profitability and asset quality that is commensurate with that of higher-rated domestic peers and an adequate liquidity profile despite certain systemic concerns, Moody's said.

The ratings are constrained by high credit concentrations on the bank's balance sheet, relatively weak shareholders' equity and challenging operating conditions in Pakistan, the agency said.

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