Moody’s lifts some Standard Chartered ratings

Moody’s Investors Service said it concluded a review on Standard Chartered Bank and Standard Chartered plc. These reviews were initiated in March 2015 following a publication of the agency’s new bank ratings methodology.

The agency said it upgraded Standard Chartered’s senior unsecured long-term debt to Aa3 from A2, senior unsecured long-term medium-term notes program to provisional Aa3 from provisional A2, subordinated debt to A2 from A3 and subordinated note program to provisional A2 from provisional A3. Its junior subordinated debt was confirmed at Baa1(hyb), junior subordinated notes program at provisional Baa1, non-cumulative preference shares at Baa2(hyb) and high-trigger additional tier 1 securities at Ba1(hyb).

Moody’s also downgraded Standard Chartered Bank’s baseline credit assessment and adjusted baseline credit assessment to A2 from A1. The agency also assigned it long-term and short-term credit assessments of Aa2(cr) and P-1(cr), upgraded its long-term deposits to Aa2 with from A1, long-term deposit notes to Aa2 from A1, senior unsecured long-term debt to Aa2 from A1, senior unsecured long-term notes program to provisional Aa2 from provisional A1, junior subordinated debt to Baa1(hyb) from A3(hyb), junior subordinated notes program to provisional Baa1 from provisional A3 and cumulative preference shares to Baa1(hyb) from A3(hyb).

The agency also confirmed Standard Chartered Bank’s subordinated debt at A2, subordinated notes program at provisional A2, short-term deposits at P-1, short-term deposit note at P-1 and short-term notes program at provisional P-1.

The outlook on both companies is negative.

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