New York, July 18 (FinanceEnquiry.com) – Analysts at Moody’s Investors Service has downgraded the local currency deposit ratings of five Pakistani banks by one notch from B2 to B3 and lowered their standalone credit assessments from b3 to Caa1. The outlook on the ratings seems negative.
In a research note published yesterday, the analysts mention that the downgrade of the banks by one notch is caused by the weakening of Pakistani’s credit worthiness and the impact it had on the credit risk profiles of the bank.
Pakistani faces a strained external payments position due to a rising deficit and a decline in capital inflows, weak government finances, structural inflationary pressures and domestic political uncertainties.
The weakening sovereign credit profile effects the bank’s financial health through their large and increasing direct exposures to government debt securities and the susceptibility of the bank to pressure from the domestic operating environment, the analyst says.
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