Moody’s downgrades Alternatifbank

Moody's Investors Service said it downgraded the local and foreign-currency deposit ratings of Alternatifbank AS (ABank) to Ba1/Not-Prime from Baa3/Prime-3.

The bank's long-term foreign-currency subordinated debt rating were also downgraded to Ba3 (hyb) from Ba2 (hyb).

The outlook for the long-term deposit ratings is negative.

The agency also downgraded ABank's counterparty risk assessment to Baa3(cr)/Prime-3(cr) from Baa2(cr)/Prime-2(cr) and its adjusted baseline credit assessment (BCA) to ba1 from baa3. The ba3 BCA of ABank is confirmed.

Moody’s said the downgrade reflects its expectation that following its recent downgrade, Commercial Bank (QSC) (deposits A2, stable/P-1; BCA baa3), ABank's Qatar based parent, is now in a weaker position to provide support to ABank in case of need.

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