Moody's Investors Service has placed the ‘Ba2’ long-term deposit rating and ‘ba2’ adjusted baseline credit assessment (BCA) of Burgan Bank-Turkey on review for downgrade.
Burgan’s short-term deposit ratings will not be affected by such action, according to Moody’s website.
Accordingly, the review on Burgan Bank-Kuwait's ratings will boost the review on the supported ratings of its Turkish subsidiary.
Moody’s noted that a negative pressure could affect the BCA in case of further deterioration in profitability or asset quality, leading to further losses and diminished capitalization of the bank.
