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Moody's cuts Caribbean Development
Moody's Investors Service said it downgraded the long-term bond rating of the Caribbean Development Bank to Aa1 from Aaa.
The outlook is negative.
Moody's said the downgrade was driven by shortcomings in the bank's risk management and financial planning capacity.
In addition, the bank's capital adequacy ratios and the credit quality of its membership compare unfavorably with those of other Aaa multilateral development banks, the agency said.
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