Moody's rates Standard Chartered Bank A1

Moody's Investors Service said it assigned definitive deposit, issuer and counterparty risk ratings of A1/P-1 to Standard Chartered Bank AG.

Moody's also said it downgraded the baseline credit assessment to Baa2 from Baa1 and affirmed the adjusted baseline credit assessment of Baa1 and counterparty risk assessments of A1(cr)/P-1(cr) of SCB AG.

The outlook is stable.

The ratings reflect the bank's relationship with its U.K.-domiciled parent, Standard Chartered Bank, Moody's said.

SCB AG is a wholly owned subsidiary of Standard Chartered Bank in Germany and is expected to become an important legal entity for the group, providing euro clearing services to Standard Chartered group's clients, the agency explained.

SCB AG will be a small entity, but designed to play an important role in the group's European corporate and investment banking business after the United Kingdom's expected exit from the European Union, Moody's said.

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