Global rating agency, Moody’s Investors Service has downgraded Syndicate Bank’s global local currency deposit rating to Baa3/P-3 from Baa2/P-2. The rating agency has also downgraded the bank’s senior unsecured debt rating to Baa3, in line with the downgrade of the bank’s global local currency deposit rating.
In addition, it has also downgraded the bank’s subordinate debt to (P)Ba1 from (P)Baa3, and its junior subordinate debt to (P)Ba2 from (P)Ba1. The outlook on the ratings is stable.
Moreover, the rating agency has lowered Syndicate Bank’s standalone bank financial strength rating (BFSR) to D from D+. The BFSR of D maps to a baseline credit assessment (BCA) of ba2 on Moody's long-term rating scale. The rating outlook on the BFSR is negative.
