Moody's could up Mauritian banks

Moody's Investors Service said it placed the Baa2 long-term foreign-currency deposit ratings of Mauritius Commercial Bank and State Bank of Mauritius on review for upgrade.

Moody's said the review follows its decision to place the Baa2 foreign-currency deposit ceiling for Mauritius on review for upgrade.

At the same time, Moody's affirmed the banks' other ratings, including their local-currency deposit ratings of Baa1/Prime-2 and their Baa1 foreign-currency issuer ratings with a stable outlook.

The announcement takes into account the fact that the two banks have global local-currency deposit ratings of Baa1 and thus their foreign-currency deposit ratings are constrained by Mauritius' Baa2 foreign-currency deposit ceiling, Moody's said.

If Moody's upgrades the Baa2 foreign-currency deposit ceiling, the banks' long-term foreign-currency deposit ratings would move in tandem up to their Baa1 local-currency deposit rating.

Therefore, Moody's said, their long-term foreign-currency deposit ratings are on review for upgrade, in line with the review on the ceiling for these deposits in Mauritius.

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