Moody’s downgrades Invest

Moody's Investors Service said it downgraded Invest bank PSC’s long-term deposit ratings to Ba1 from Baa3 following the one-notch downgrade of its baseline credit assessment and adjusted baseline credit assessment to ba3 from ba2.

The agency also downgraded the long-term and the short-term counterparty risk assessments to Baa3(cr)/P-3(cr) from Baa2(cr)/P-2(cr) respectively.

In addition, Moody's placed the following ratings of Invest bank on review for further downgrade: Ba1 long-term deposit ratings; ba3 baseline credit assessment; adjusted baseline credit assessment; and Baa3(cr)/P-3(cr) long- and short-term counterparty risk assessments.

Moody’s said the downgrade reflects Invest bank's significant and sudden weakening in asset quality, combined with the resulting deterioration in the bank's profitability and capitalization.

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