Major bank downgrade

2 September 2011
The Phnom Penh Post
Economy and commerce
ACLEDA Bank / Banque Populaire / Christine Kuo / COFIBRED SA / Deutsche Investitions und Entwicklungsgesellschaft / In Channy / Infrastructure / Jardine Matheson Group / John Brinsden / JSH Asian Holdings Limited / Moody’s Investors Service / Netherlands Development Finance Company / transparency

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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