Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers M > Headlines for MCB Bank Ltd. > News item |
Moody's lowers five Pakistani banks
Moody's Investors Service said it downgraded the long-term deposit ratings to Caa1 from B3 of five Pakistani banks: Allied Bank Ltd. (ABL), Habib Bank Ltd. (HBL), MCB Bank Ltd. (MCB), National Bank of Pakistan (NBP) and United Bank Ltd. (UBL).
The rating agency also downgraded the five banks' long-term foreign currency counterparty risk ratings to Caa1 from B3. As part of the same rating action, Moody's lowered the baseline credit assessments ABL, MCB and UBL to caa1 from b3, and as a result also downgraded their local-currency long-term CRRs to B3 from B2 and their long-term counterparty risk assessments to B3(cr) from B2(cr). The BCAs of NBP and HBL were affirmed at caa1.
The outlook on all banks' deposit ratings remains negative.
“Today's rating actions follow Moody's decision to downgrade the Government of Pakistan's issuer and senior unsecured debt ratings to Caa1 from B3, and maintain a negative outlook,” Moody’s said in a news release.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.