Standard & Poor's long term credit rating for the Bank has been lowered from BBB with a negative outlook, to BBB- with a stable outlook. Short term rating was revised from A-2 to A-3.
The agency attributed its decision to perceived weaknesses in the Bank’s internal control frameworks and to the potential impact of ongoing litigation cases. It then cited the Bank’s sound franchise, customer confidence and ample liquidity as being among its major strengths.
As of 31st July 2019