Moody’s lowers Hero FinCorp

Moody’s Investors Service said it downgraded Hero FinCorp Ltd.’s foreign- and local-currency issuer ratings to Ba1 from Baa3. The agency changed the outlook to negative from under review.

The downgrades and outlook revision conclude the review started on April 13, Moody’s said.

“Moody’s expects Hero FinCorp’s asset quality and profitability to weaken as loan delinquencies and defaults increase, because customers and businesses face a drop in earnings and cash flows due to the economic disruptions caused by the coronavirus outbreak,” Moody’s said in a press release.

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