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Article: MOODY'S DOWNGRADES BANKAS SNORAS TO B3/E+ FROM BA3/D-
- Article from:
- Info-Prod Research (Middle East)
- Article date:
- April 16, 2009
CopyrightCopyright 2009 Info-Prod Research (Middle East). Provided by ProQuest LLC. (Hide copyright information)
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Moody's Investors Service today downgraded thelong-term global
local and foreign currency deposit ratings of AB BankasSnoras
(Bankas Snoras) to B3 from Ba3 and its bank financial strengthrating
(BFSR) to E+ from D-. At the same time, Moody's affirmed thebank's
Not Prime short-term ratings. This rating action concludes thereview
process initiated on 31 October 2008. The outlook on the long-
termratings and the BFSR is negative. Moody's downgrade of the
bank's ratings was triggered by a combination of the following
factors: (i) the reported significant decline in Bankas Snoras's
profitability and asset quality and Moody's expectation of a further
significant weakening in asset quality due to ...