Banking

MCB Ltd: Credit ratings affirmed by Moody’s Investors Service

29 Jul 2022

Following Moody’s Investors Service’s (“Moody’s” or the “Agency”) rating action on the Mauritian Government’s long-term issuer rating on 28 July 2022, the Agency has today affirmed all ratings and assessments of Mauritius Commercial Bank Ltd (“MCB” or the “Bank”) with its Long-term Deposit and Issuer Ratings maintained at Baa3.

As part of the same rating action, Moody’s has changed the outlook on these ratings from negative to stable. According to Moody’s, the affirmation of MCB’s ratings reflects its resilient financial profile despite the increasingly challenging operating environment. The Agency highlighted the strong liquidity and solid capital buffers of the Bank, while expecting profitability to rebound following the pandemic. 
 
The stable outlook on the Bank’s Long-Term Deposit and Issuer Ratings incorporates the stable outlook on the sovereign rating and reflects the view that MCB’s ratings already capture the current risks to its financials from the still difficult operating conditions. 
 
With this rating action, MCB remains among the few investment-grade rated financial institutions in Africa and is the only commercial bank rated as such within the continent by Moody’s.
The press release issued by Moody’s can be accessed here

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