Moody’s cuts Asian-Pacific Bank deposit to B3

Moody's Investors Service said it downgraded the long-term local- and foreign-currency deposit ratings of Asian-Pacific Bank to B3 from B2.

The outlook on the bank's long-term deposit ratings is negative.

Concurrently, the agency downgraded Asian-Pacific Bank's baseline credit assessment and adjusted baseline credit assessment to b3 from b2. The short-term local-currency and foreign-currency deposit ratings were affirmed at Not-Prime.

Moody's also downgraded the long-term counterparty risk assessment (CR Assessment) to B2(cr) from B1(cr) and affirmed the short-term CR Assessment of Not-Prime(cr).

Moody’s said the downgrade primarily reflects higher-than-expected credit losses and elevated related-party exposure, while the negative outlook reflects ongoing pressure on the bank's profitability and capitalization.

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