Moody's cuts two Mauritian banks

Moody's Investors Service said it downgraded some of the ratings of two Mauritian banks.

Mauritius Commercial Bank's financial strength rating was confirmed at D+, foreign-currency deposit ratings at Baa2/prime-2, issuer rating at Baa1and its South African national scale senior and subordinated debt ratings at Aa3.za. The agency downgraded its long- and short-term global local-currency deposit ratings to Baa1/prime-2 from A3/prime-1.

State Bank of Mauritius's bank financial strength rating was confirmed at C- and its issuer rating at Baa1. The agency also said it downgraded its long- and short-term global local-currency deposit ratings to Baa1/prime-2 from A2/prime-1, while it has affirmed its foreign-currency deposit ratings at Baa2/prime-2.

Moody's said it considered the impact of the weakened performance of some sectors of the Mauritian economy, such as the manufacturing, tourism, trade and the construction industry, on the banks' credit quality, capital position and earning power.

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