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S&P cuts Baiduri Bank to BBB
Standard & Poor's said it lowered its long-term issuer credit rating on Baiduri Bank Bhd. to BBB from BBB+.
The outlook is stable.
The agency also affirmed its A-2 short-term rating on the bank.
In addition, S&P lowered its Asean regional scale rating on Baiduri to axA/axA-2 from axA+/axA-1.
"The downgrade reflects our view that the Brunei government's ability to support Baiduri has weakened because of the impact of falling oil prices on the country's fiscal revenues and growth prospects," S&P credit analyst Amit Pandey said in a news release.
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