The downgrading from B1 to B2 indicates the outlook is negative.
Similarly, the global ratings agency lowered the bank's foreign-currency deposit ratings from B2 to B3.
Concurrently, it said the E+ standalone
Moody's noted that the extensive links between
According to the bank's audited financial statements and Moody's estimates, the bank's exposure to government credit risk, including investments in government securities, central bank balances and public-sector loans, stood at around 60 percent of total assets at year-end 2013 or five times its Tier 1 capital.
These high exposures to government securities link the bank's credit profile to the sovereign creditworthiness, and render the bank vulnerable to potential event risk at the sovereign level, Moody's said.
The rating follows the downgrade of
The sovereign rating action reflects
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