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S&P cuts National Development Bank to B
S&P said it lowered its long-term issuer credit rating on National Development Bank plc (NDB) to B from B+.
The outlook is stable.
The agency affirmed the short-term issuer credit rating on the Sri Lanka-based bank at B.
"The downgrade reflects our view that NDB's weakened capital position is unlikely to improve over the next 12 months," S&P credit analyst Amit Pandey said in a news release.
Accordingly, the agency downgraded assessment of the bank's stand-alone credit profile to b from b+.
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