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Moody's Investors Service downgraded the long-term deposit ratings of Burgan Bank to Ba3 from Ba2, with a stable outlook.
Burgan Bank's b2 standalone baseline credit assessment (BCA) was not affected by this rating action.
The downgrade of the rating results from the downgrade to ba2 from ba1 of the BCA of Burgan's Kuwait based parent, Burgan Bank (deposits A3 STA/P-2; /BCA ba2).
At the same time the bank's counterparty risk assessment was lowered to Ba2 (cr) from Ba1 (cr) and the adjusted BCA was downgraded to ba3 from ba2.
Source:
Mubasher