S&P cuts International Investment Bank

S&P said it lowered International Investment Bank’s long-term foreign-currency issuer credit rating to BBB- from BBB.

“The downgrade reflects the erosion of IIB's shareholder base following the formal requests from Czechia and Slovakia to leave the institution by January 2023. The departure of these E.U.-domiciled governments will lead to a material reduction of 15% of the shareholder community and, in our view, illustrate IIB's deteriorating relationship with shareholders and its diminishing policy relevance,” the agency said in a press release. The outlook is negative.

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