State Bank of Mauritius Ltd (SBM) is pleased to announce that Moody’s Investors Service has upgraded its long term foreign currency deposit rating from Baa2 to Baa1 with a stable outlook.
This move follows the upgrade of Mauritius’ foreign currency deposit ceiling and, within a context of economic uncertainty globally, reflects the particularly solid fundamentals of SBM and its sound and balanced growth plans. SBM’s Bank Financial Strength Rating has been upheld at C- and it remains the first and only bank in Mauritius to attain this rating.
Moody’s Investors Service had on 26 June 2012 announced that it has upgraded Mauritius’ foreign and local currency government bond ratings from Baa2 to Baa1. Following this statement, it has on 28 June disclosed its ratings for State Bank of Mauritius.
SBM’s new foreign currency deposit ratings are now aligned with its domestic currency deposit ratings, which stood at Baa1 and have remained unchanged in Moody’s new list of ratings.
SBM’s other ratings are as follows: Prime-2 for short term foreign currency deposit and Baa1 for foreign currency issuer, which all remain unaffected in Moody’s latest ratings. The Bank’s C- standalone Bank Financial Strength Rating has been mapped to Baa2 on the long term scale.
Following Moody’s announcement, Muni Krishna T Reddy, Chairman of SBM, (photo) said that “We are very pleased with the favorable foreign currency deposit ratings assigned to our Bank by Moody’s Investors Service. It is not the first time that it has designated good ratings to SBM who is the first and only bank to have obtained a rating of C-. We are very proud of these ratings.”
SBM will continue to favor good quality portfolio on the basis of its solid customer relationships and effectively manage its costs. The Bank has also embarked on a major upgrade of its technological platform so as to enhance customer service as well as its operational efficiency. It will also pursue its diversification efforts.