Business Services Industry
BERMUDA: MOODY'S CONFIRMS BERMUDA COMMERCIAL'S RATINGS.
IPR Strategic Business Information Database, January, 2008
Moody's Investors Service confirmed the ratings of Bermuda Commercial Bank Limited's (BCB) ratings. BCB's ratings are D for financial strength and Baa3 and Prime-3, respectively, for long- and short-term deposits. The outlook is stable. The confirmation and stable outlook reflect Moody's view that BCB is operating normally, despite on-going, inconclusive negotiations to sell the company.
In December 2007, BCB published audited financial statements for the fiscal year ended September 2007. Moody's noted that BCB's net income had decreased to $5.9 million from $10.1 million ($8.4 million recurring net income) in the previous fiscal year, due to lower net interest income and lower fee income. On the positive side, BCB's deposits recovered to $556 million as of...
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