Moody's withdraws NCC Bank's ratings due to business reasons
The Moody's Investors Service has withdrawn the ratings and assessments of the NCC Bank Limited.
Moody's has decided to withdraw the ratings for its own business reasons, said the company in its rating action statement Tuesday (20 June).
Prior to the withdrawal, the outlook on the bank's long-term deposit and issuer ratings was stable.
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Withdrawn rating assessment of NCC Banks
Moody's has withdrawn "B2" credit ratings both for foreign and local currencies in long-term counterparty risk ratings, bank deposit ratings, counterparty risk assessment, and issuer ratings for long-term.
For the Baseline Credit Assessment and the Adjusted Baseline Credit Assessment of the bank, it has withdrawn "B3" ratings in the long term.
The "B" rating category suggests that the bank may possess speculative characteristics, and is subject to significant credit risk. It indicates that the bank's ability to fulfil its financial obligations may be vulnerable to adverse economic conditions or changes in circumstances.
The "B2" rating indicates that the NCC Bank Limited carries a moderate level of credit risk as a counterparty in both foreign and local currency transactions.
The "B2" ratings on deposits implies that there may be certain uncertainties or vulnerabilities associated with the bank's ability to fulfil its deposit obligations, particularly under adverse economic conditions or changing circumstances.
The NCC Bank Limited's total market capitalisation was Tk1,385 crore as of 20 June 2023.
