Moody's affirms Burgan Bank Group's ratings | Positions and Promotions:
"After Burgan Bank Group reported the best quarter in three years, Moody's Investors Service has today affirmed the Ba2/Not Prime global local-currency (GLC) and foreign-currency deposits ratings.
Concurrently, Moody's downgraded the standalone bank financial strength rating (BFSR) to E+ (from D-) which is now equivalent to a baseline credit assessment (BCA) of b2 (formerly ba3). The outlook on all assigned ratings is stable.
The affirmation of the Ba2 long-term deposit ratings reflects Moody's assumption of very high probability of parental support for Burgan-AS from Burgan Bank SAK (Burgan-SAK: deposits A3 stable, BFSR D+/BCA ba1 stable), based in Kuwait. However, the lowering of the BCA reflects the continuing challenges for Burgan-AS's earnings and franchise evolution."
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