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Moody's concludes review of Asian-Pacific Bank

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Moody's concludes review of Asian-Pacific Bank

Moody'son April 26 downgraded to B3 from B2 PJSC Asian-Pacific Bank's long-term local- andforeign-currency deposit ratings, with a negative outlook.

Therating agency also lowered the bank's baseline and adjusted baseline creditassessments to "b3" from "b2" and its long-termcounterparty risk assessment to B2(cr) from B1(cr).

Thedowngrade mainly reflects the bank's higher-than-expected credit losses and elevatedrelated-party exposure, while the negative outlook on the ratings depicts ongoingpressure on the bank's profitability and capitalization.

Meanwhile,the agency affirmed the bank's short-term local- and foreign-currency depositratings at Not-Prime and its short-term counterparty risk assessment at Not-Prime(cr).

Theactions conclude the review for downgrade that initiated March 9.