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MOODY'S REVIEWS BANKS' FOREIGN CURRENCY RATINGS FOR DOWNGRADE
Info-Prod Research (Middle East), August, 2007
Moody's Investors Service has placed onreview for possible downgrade the Baa2/Prime-2 long-term and short-termforeign currency deposit ratings and Baa1 foreign currency issuer ratingsof Mauritius Commercial Bank and State Bank of Mauritius. The ratingreview also affects the Aa3.za South African national scale rating ofMauritius Commercial Bank's senior and subordinated obligations underits Medium- Term Note programme, which are also placed on review forpossible downgrade.
These rating actions follow a similar action on Mauritius's Baa2 foreigncurrency deposit ceiling and Baa1 foreign currency debt ceiling, whichwas prompted by the government's increasing cost of servicing itsdomestic debt, thus hampering the fiscal consolidation process despiteimproved growth prospects and...
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