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S&P cuts TMB Bank hybrid to D
Standard & Poor's said it lowered the issue credit rating on TMB Bank plc's hybrid tier-1 securities to D from C, and removed the rating from CreditWatch, where it was placed with negative implications June 14. S&P also said it affirmed its BBB-/negative/A-3 foreign- and local-currency counterparty credit ratings.
The downgrade is due to the non-payment of semi-annual interest payment scheduled for June 30 on its $200 million perpetual non-cumulative hybrid tier-1 securities.
The negative outlook reflects at least one-in-three chance of the rating on the bank being lowered in the intermediate term due to the continued delay in recapitalization of the bank, S&P said.
The rating will be lowered if TMB Bank's capitalization does not improve substantially or if there is further deterioration in core earnings or asset quality, the agency said.
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