Standard & Poor’s (S&P) has affirmed National Development Bank’s (NDB) long term and short term issuer credit rating at ‘B’ with a stable outlook in their report dated March 20 2017.
The affirmation is given on the ratings issued by S&P in December 2016. The affirmation also comes along with S&P’s withdrawal of all ratings on NDB at the Bank’s request.
NDB engaged the international rater S&P in 2013 for international credit ratings as a part of the then proposed US Dollar bond which the Bank envisaged to issue in the international market. The issuance of the bonds did not materialize due to unfavourable market conditions and rates which prevailed at that point of time.
As such the Bank presently is not in need for an international issuer rating, hence the Bank’s management decided to discontinue the rating agreement with S&P.
S&P’s report states that the affirmed rating at the time of withdrawal reflected the rater’s expectation that NDB will maintain its satisfactory business and revenue diversification over the next 12 months.
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