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Moody's downgrades Banco Angolano de Investimentos


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Moody's downgrades Banco Angolano de Investimentos

Moody'son May 3 downgraded BancoAngolano de Investimentos SA's global long-term foreign-currencydeposit ratings to B2from B1. This ratings action comes after the rating agency the Angolan government'srating to B1 with a negative outlook.

Moody'sdowngraded the bank's long-term counterparty risk assessment to B1(cr) from Ba3(cr),while confirming the bank's B1 global local-currency deposit ratings and"b3" baseline credit assessment and adjusted baseline creditassessment. All ratings have a negative outlook on account of the negativeoutlook on the issuer rating of the Angolan government.

Theaction on the foreign-currency deposit ratings was based on the Angolangovernment's reduced capacity to support the banks in stressed situations, asreflected in the downgrade of the government's issuer rating.

Therating agency confirmed the bank's baseline credit assessment mainly because ofits expectation of resilience of its stand-alone credit profile despite thechallenging operating environment.