Moody’s corrects, ups Al Rayan CRA

Moody’s Investors Service said it upgraded the long-term counterparty risk assessment of Al Rayan Bank plc to Aa2(cr) from Aa3(cr).

In addition, the agency affirmed the short-term counterparty risk assessment at P-1(cr), and the Aa3/Prime-1 deposit ratings.

The outlook remains negative.

The agency also assigned counterparty risk ratings of Aa2/Prime-1 to the bank.

The baa2 baseline credit assessment and the a2 adjusted baseline credit assessment are unaffected.

Moody’s said the upgrade of the counterparty risk assessment is the result of a correction of an input error.

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