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Moody's could cut Bermuda Commercial Bank
Moody's Investors Service said it placed all ratings of Bermuda Commercial Bank Ltd. on review for downgrade.
The bank is rated Baa3 for long-term deposits and D+ for standalone bank financial strength, which translates to a baseline credit assessment of Baa3, and the bank's short-term rating is Prime-3.
Moody's said it will focus on Bermuda Commercial's risk governance and risk appetite. Moody's noted that the bank has rapidly grown its investment portfolio since the acquisition of the bank by Permanent Investments Ltd. April 2010.
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