Major bank downgrade

Moody’s Investors Service announced yesterday  it had downgraded the credit rating of ACLEDA Bank, citing the departure of two of  the bank’s major investors in as many years. The loss of a second big sharehol-der in the first half of this year had led to Moody’s cutting the bank’s local-currency long-term deposit and debt issuer ratings from Ba1 to Ba2, Christine Kuo, a Moody’s vice-president and senior credit officer, said in a statement yesterday. ACLEDA Bank’s other ratings were unchanged and continued to have a stable outlook, she added.

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