Moody's drops Banque PSA

Moody's Investors Service said it downgraded the standalone bank financial strength rating of Banque PSA Finance to D+ from C-, while its mapping to the long-term scale baseline credit assessment was lowered to Baa3 from Baa2.

Subsequently, the long-term debt and bank deposit ratings were downgraded to Baa3 from Baa2, in line with the baseline credit assessment, and the bank's short-term debt and deposit ratings were downgraded to P-3 from P-2.

This follows the downgrade of Banque PSA's parent Peugeot SA' s long-term ratings to Ba2 from Ba1 on July 26.

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