Moody's downgrades BMCE Bank

Moody's Investors Service said it downgraded the local-currency deposit ratings of BMCE Bank to Ba1/Non-Prime from Baa3/Prime-3 and lowered the standalone credit assessment to Ba3 from Ba2.

The outlook is negative.

Moody's said the downgrade reflects increased credit risk following the bank's expansion into Sub-Saharan Africa and the deterioration in the bank's asset quality and capital metrics.

Concerns over BMCE Bank's funding and liquidity also contributed to the assessment, the agency said.

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