Moody's cuts Pakistani banks

Moody's Investors Service said it downgraded the local-currency deposit ratings of five Pakistani banks by one notch to B3, with negative outlooks, from B2, and lowered their standalone credit assessments to Caa1 from B3.

The affected banks are Allied Bank Ltd., Habib Bank Ltd., MCB Bank Ltd., National Bank of Pakistan and United Bank Ltd.

Moody's said these actions follow the one notch downgrade of Pakistan's government bond ratings to Caa1, with negative outlook, from B3, on July 13 and reflect the significant linkages between the credit profiles of Pakistani banks and sovereign credit risk.

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