Moody's confirms Mauritius banks

Moody's Investors Service said it confirmed the Baa2/prime-2 long-term and short-term foreign-currency deposit ratings and the Baa1 foreign-currency issuer ratings of Mauritius Commercial Bank and State Bank of Mauritius. Moody's also said it confirmed the Aa3.za South African national scale rating of Mauritius Commercial Bank's senior and subordinated obligations under its medium-term note program.

These actions follow the confirmation of Mauritius's Baa2 foreign-currency deposit ceiling and Baa1 foreign-currency debt ceiling. Moody's said the banks' ratings are constrained by the respective sovereign ceilings for such debt. Any future rating action on the sovereign ceilings will directly affect both banks' deposit and issuer ratings, the agency said.

Although the Aa2 local-currency deposit ceiling was confirmed, the banks' local-currency deposit ratings -- A3/prime-1 for Mauritius Commercial Bank and A2/prime-1 for State Bank of Mauritius - are not affected and are affirmed with a stable outlook.

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