Moody's cuts Standard Chartered subordinated debt

Moody's said it downgraded the subordinated debt rating of Standard Chartered Bank and Standard Chartered plc (SCPLC) by one notch to Baa2 from Baa1.

At the same time, all the other ratings, including the SCB's deposit and senior unsecured debt ratings, and SCPLC's senior unsecured debt ratings, have been affirmed.

SCB's baseline credit assessment has also been affirmed at baa1. The outlook on the ratings, where applicable, remains stable.

Moody’s said the downgrade of the subordinated debt ratings is driven by a lower volume of subordinated debt.

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