NOTE: On July 9, 2018, the press release was corrected as follows: The third paragraph of the press release was changed to include additional details regarding the rationale for the upgrade of the Counterparty Risk Assessments: “At the same time, Moody's has upgraded the Counterparty Risk Assessments (CR Assessments) of Axis Bank Ltd, Bank of Baroda, ICICI Bank Limited and their branches, as applicable to Baa2(cr)/P-2(cr) from Baa3(cr)/P-3(cr) to be consistent with the government support notching guidance per the Banks methodology. For the same reason,the CR assessment of Punjab National Bank was upgraded to Baa3(cr)/P-3(cr) from Ba1(cr)/NP(cr).” Revised release follows.
Singapore, June 12, 2018 -- Moody's Investors Service has today assigned Counterparty Risk Ratings
(CRRs) to 15 rated banks and their branches, as applicable.
The 15 Indian banks comprise: 1) Axis Bank Ltd, 2) Bank of
Baroda, 3) Bank of India, 4) Canara Bank, 5) Central
Bank of India, 6) HDFC Bank Limited, 7) ICICI Bank Limited,
8) IDBI Bank Ltd, 9) Indian Overseas Bank, 10) Oriental Bank
of Commerce, 11) Punjab National Bank, 12) State Bank of India,
13) Syndicate Bank, 14) Union Bank of India, and 15) Yes Bank
Limited.
At the same time, Moody's has upgraded the Counterparty Risk Assessments
(CR Assessments) of Axis Bank Ltd, Bank of Baroda, ICICI Bank Limited and their branches, as applicable to Baa2(cr)/P-2(cr) from Baa3(cr)/P-3(cr) to be consistent with the government support notching guidance per the Banks methodology. For the same reason,
the CR assessment of Punjab National Bank was upgraded to Baa3(cr)/P-3(cr) from Ba1(cr)/NP(cr).
Moody's Counterparty Risk Ratings are opinions of the ability of
entities to honor the uncollateralized portion of non-debt counterparty
financial liabilities (CRR liabilities) and also reflect the expected
financial losses in the event that such liabilities are not honored.
CRR liabilities typically relate to transactions with unrelated parties.
Examples of CRR liabilities include the uncollateralized portion of payables
arising from derivatives transactions and the uncollateralized portion
of liabilities under sale and repurchase agreements. CRRs are not
applicable to funding commitments or other obligations associated with
covered bonds, letters of credit, guarantees, servicer
and trustee obligations, and other similar obligations that arise
from a bank performing its essential operating functions.
RATINGS RATIONALE
The CRRs assigned to the 15 Indian banks are in line with the CR Assessments.
Because Moody's considers that India (Baa2 stable) does not have
an operational resolution regime, in assigning CRRs to the Indian
banks subject to these rating actions, Moody's applies its
basic Loss Given Failure (LGF) approach. Moody's basic LGF
analysis positions CRRs in line with the bank's CRA, one notch
above the banks' adjusted BCAs, prior to government support.
The CRR also incorporates between zero to three notches of uplift due
to Moody's assessment of government support for the 15 banks in
times of need, based on the banks' systemic importance India.
The uplifts are in line with those applied to the CR Assessments.
OUTLOOK
CRRs do not carry outlooks.
AXIS BANK - WHAT COULD CHANGE THE RATING UP
Moody's could upgrade Axis Bank's deposit ratings if Moody's
upgrades the bank's BCA. Nevertheless, Moody's could
revise the ratings outlook to positive if the bank is able to improve
its asset quality and profitability profile on a sustained basis or its
capital position significantly strengthens.
AXIS BANK - WHAT COULD CHANGE THE RATING DOWN
Axis Bank's BCA could be downgraded if: (1) the bank's nonperforming
loan (NPL) ratio deteriorates significantly from current levels,
(2) a decline in earnings leads to a significant decrease in its internal
capital generation, or (3) there is a material weakening of its
capital from current levels. Moody's could also downgrade
the deposit ratings if Moody's downgrades the Government of India's
sovereign rating.
BANK OF BARODA - WHAT COULD CHANGE THE RATING UP
Given the stable ratings outlook, Bank of Baroda's ratings are unlikely
to face upward pressure over the next 12-18 months. Nevertheless,
Moody's could revise the ratings outlook to positive if the bank
is able to improve its profitability profile on a sustained basis or its
capital position significantly strengthens.
BANK OF BARODA - WHAT COULD CHANGE THE RATING DOWN
Bank of Baroda's ratings could be downgraded if further credit losses
worsen the bank's capital position. Any indication of diminishing
government support to levels below what Moody's expect could also
lead to a downgrade of the bank's ratings.
BANK OF INDIA - WHAT COULD CHANGE THE RATING UP
Given the stable ratings outlook, Bank of India's ratings
are unlikely to face upward pressure over the next 12-18 months.
Nevertheless, Moody's could revise the outlook to positive
if the bank returns to profitability on a sustained basis, which
will help in internal capital generation.
BANK OF INDIA - WHAT COULD CHANGE THE RATING DOWN
Bank of India's BCA and ratings could face downward pressure if further
credit losses worsen the bank's capital position. Any indication
that government support has diminished for the bank could also lead to
a downgrade of the bank's ratings.
CANARA BANK - WHAT COULD CHANGE THE RATING UP
Given the stable ratings outlook, Canara Bank's ratings are
unlikely to face upward pressure over the next 12-18 months.
Nevertheless, Moody's could revise the outlook to positive
if the bank is able to improve its overall asset quality or improve its
profitability profile on a sustained basis.
CANARA BANK - WHAT COULD CHANGE THE RATING DOWN
Canara Bank's ratings could face downward pressure, if further credit
losses worsen its capital position. Any indication that government
support has diminished to levels below what Moody's expects could
also lead to a downgrade of the bank's ratings.
CENTRAL BANK OF INDIA - WHAT COULD CHANGE THE RATING UP
Given the positive ratings outlook, Moody's could upgrade
Central Bank of India's ratings over the next 12-18 months,
if the capital infusion from the Indian government helps strengthen the
bank's capital to a level above minimum regulatory requirements (including
the capital conservation buffer) under Basel III standards, or the
bank returns to profitability on a sustainable basis.
CENTRAL BANK OF INDIA - WHAT COULD CHANGE THE RATING DOWN
Downward pressure on Central Bank of India's ratings will emerge if further
credit losses worsen the bank's capital position. Any indication
that government support has diminished to levels below what Moody's
expects in this rating action could also lead to a ratings downgrade.
HDFC BANK LIMITED - WHAT COULD CHANGE THE RATING UP
Moody's could upgrade HDFC Bank Limited's senior unsecured
debt and deposit ratings if Moody's upgrades India's sovereign rating.
HDFC BANK LIMITED - WHAT COULD CHANGE THE RATING DOWN
Downward pressure on HDFC Bank's BCA could arise from: (1) a sustained
deterioration in impaired loans or loan-loss reserves; (2)
a significantly higher new NPL formation rate than previously experienced;
(3) a decline in earnings, leading to a significant decrease in
internal capital generation; or (4) a downgrade in the sovereign
foreign-currency debt rating.
ICICI BANK LIMITED - WHAT COULD CHANGE THE RATING UP
Moody's could upgrade ICICI Bank Limited's deposit ratings
if Moody's upgrades both the bank's BCA and the Government of India's
sovereign rating. Nevertheless, Moody's could revise
the ratings outlook to positive if the bank is able to improve its asset
quality and profitability profile on a sustained basis or its capital
position significantly strengthens.
ICICI BANK LIMITED - WHAT COULD CHANGE THE RATING DOWN
ICICI Bank's BCA could be downgraded if: (1) the bank's NPL ratio
deteriorates significantly from the current level, or (2) a decline
in earnings leads to a significant decrease in internal capital generation.
Moody's could also downgrade the deposit ratings if Moody's
downgrades India's sovereign rating.
IDBI BANK LTD - WHAT COULD CHANGE THE RATING UP
Given the positive outlook, Moody's could upgrade IDBI Bank's
ratings over the next 12-18 months, if the government capital
infusion helps strengthen the bank's capital to a level above minimum
regulatory requirements (including the capital conservation buffer) under
Basel III standards, or the bank returns to profitability on a sustained
basis.
IDBI BANK LTD - WHAT COULD CHANGE THE RATING DOWN
Downward pressure on IDBI Bank's ratings will emerge if further
credit losses worsen its capital position. Any indication that
government support has diminished to levels below what Moody's expects
in this rating action could also lead to a ratings downgrade.
INDIAN OVERSEAS BANK - WHAT COULD CHANGE THE RATING UP
Given the positive outlook, Moody's could upgrade Indian Overseas
Bank's ratings over the next 12-18 months if: (1) the
government capital infusion helps strengthen the bank's capital to a level
above minimum regulatory requirements (including a capital conservation
buffer) under Basel III standards, or (2) the bank returns to profitability
on a sustained basis.
INDIAN OVERSEAS BANK - WHAT COULD CHANGE THE RATING DOWN
Downward pressure on Indian Overseas Bank's ratings will emerge if further
credit losses worsen the bank's capital position. Any indication
that government support has diminished to levels below what Moody's
expects in this rating action could also lead to a rating downgrade.
ORIENTAL BANK OF COMMERCE - WHAT COULD CHANGE THE RATING UP
Given the stable outlook, Oriental Bank of Commerce's ratings
are unlikely to face upward pressure over the next 12-18 months.
Nevertheless, Moody's could revise the ratings outlook to
positive if the bank returns to profitability on a sustained basis,
which will help in internal capital generation.
ORIENTAL BANK OF COMMERCE - WHAT COULD CHANGE THE RATING DOWN
Moody's could downgrade Oriental Bank of Commerce's BCA and
ratings if further credit losses worsen the bank's capital position.
Any indication that government support has diminished for the bank could
also lead to a downgrade of the bank's ratings.
PUNJAB NATIONAL BANK - WHAT COULD CHANGE THE RATING UP
Moody's could upgrade Punjab National Bank's BCA and ratings
if the capital infusion received from the Government of India or any actions
taken by management improves the bank's capitalization to a level
that is in line with that of its higher-rated Indian peers.
PUNJAB NATIONAL BANK - WHAT COULD CHANGE THE RATING DOWN
Moody's will downgrade Punjab National Bank's BCA and ratings if
the bank's capitalization worsens to levels below what Moody's
currently expects. Any indication that government support to the
bank has diminished will also lead to a rating downgrade.
STATE BANK OF INDIA - WHAT COULD CHANGE THE RATING UP
Moody's could upgrade State Bank of India's senior unsecured
debt and deposit ratings if Moody's upgrades India's sovereign
rating, given Moody's expectation of a very high level of
government support to the bank in times of need.
STATE BANK OF INDIA - WHAT COULD CHANGE THE RATING DOWN
Downward pressure on State Bank of India's BCA will arise if further credit
losses worsen its capital position. Additionally, any indications
that support from the Indian government has diminished or that additional
capital requirements may arise beyond the government's budgeted amount
could put the bank's deposit and senior unsecured debt ratings under pressure.
A downgrade of India's sovereign rating or any downward changes in the
sovereign's ceilings will also negatively affect the bank's deposit
and senior unsecured debt ratings.
SYNDICATE BANK - WHAT COULD CHANGE THE RATING UP
Moody's could upgrade Syndicate Bank's ratings if the bank
is able to improve its profitability on a sustained basis or its capital
position is strengthened significantly by way of external capital.
SYNDICATE BANK - WHAT COULD CHANGE THE RATING DOWN
Syndicate Bank's ratings would face downward pressure if further
credit losses worsened the bank's capital position. Any indication
of government support diminishing to levels below Moody's expectations
could also lead to a downgrade of the bank's ratings.
UNION BANK OF INDIA - WHAT COULD CHANGE THE RATING UP
Given the stable ratings outlook, Union Bank of India's ratings
are unlikely to face upward pressure over the next 12-18 months.
Nevertheless, Moody's could revise the ratings outlook to
positive if the bank returns to profitability on a sustained basis,
which will help in internal capital generation.
UNION BANK OF INDIA - WHAT COULD CHANGE THE RATING DOWN
Moody's could downgrade Union Bank's BCA and ratings if further
credit losses worsen its capital position. Any indication that
government support for the bank has diminished could also lead to a downgrade
of the bank's ratings.
YES BANK LIMITED - WHAT COULD CHANGE THE RATING UP
Upward pressure on Yes Bank's BCA could develop if: (1) the
bank maintains its current asset quality ratios, while reducing
its credit risk concentration to large borrowers; (2) the bank's
funding profile improves, for example, by growing its proportion
of CASA/total deposits to levels in line with the industry average,
without adversely affecting its net interest margin; and (3) the
bank sustains its profitability and maintains adequate loss-absorbing
buffers.
YES BANK LIMITED - WHAT COULD CHANGE THE RATING DOWN
A downward revision of India's sovereign rating could lead to a
downgrade in Yes Bank's deposit rating. Downward pressure on the
bank's BCA could develop from: (1) a sustained deterioration in
impaired loans or loan-loss reserves, or if the rate of new
NPL formation is significantly higher than previously experienced;
or (2) a decline in earnings, which would lead to a significant
decrease in internal capital generation.
List of affected ratings/inputs:
Axis Bank Ltd:
Assigned Local currency long-term Counterparty Risk Rating of Baa2.
Assigned Local currency short-term Counterparty Risk Rating of
P-2.
Counterparty risk assessment upgraded to Baa2(cr)/P-2(cr) from
Baa3(cr)/P-3(cr)
Axis Bank Ltd, Singapore Branch:
Assigned Local currency long-term Counterparty Risk Rating of Baa2.
Assigned Local currency short-term Counterparty Risk Rating of
P-2.
Counterparty risk assessment upgraded to Baa2(cr)/P-2(cr) from
Baa3(cr)/P-3(cr)
Axis Bank Limited, Hong Kong Branch:
Assigned local currency long-term Counterparty Risk Rating of Baa2.
Assigned local currency short-term Counterparty Risk Rating of
P-2.
Counterparty risk assessment upgraded to Baa2(cr)/P-2(cr) from
Baa3(cr)/P-3(cr)
Axis Bank Limited, DIFC Branch:
Assigned local currency long-term Counterparty Risk Rating of Baa2.
Assigned local currency short-term Counterparty Risk Rating of
P-2.
Counterparty risk assessment upgraded to Baa2(cr)/P-2(cr) from
Baa3(cr)/P-3(cr)
Bank of Baroda:
Assigned local currency long-term Counterparty Risk Rating of Baa2.
Assigned local currency short-term Counterparty Risk Rating of
P-2.
Counterparty risk assessment upgraded to Baa2(cr)/P-2(cr) from
Baa3(cr)/P-3(cr)
Bank of Baroda (London):
Assigned local currency long-term Counterparty Risk Rating of Baa2.
Assigned local currency short-term Counterparty Risk Rating of
P-2.
Counterparty risk assessment upgraded to Baa2(cr)/P-2(cr) from
Baa3(cr)/P-3(cr)
Bank of India:
Assigned local currency long-term Counterparty Risk Rating of Baa3.
Assigned local currency short-term Counterparty Risk Rating of
P-3.
Bank of India (London):
Assigned local currency long-term Counterparty Risk Rating of Baa3.
Assigned local currency short-term Counterparty Risk Rating of
P-3.
Bank of India, Jersey Branch:
Assigned local currency long-term Counterparty Risk Rating of Baa3.
Assigned local currency short-term Counterparty Risk Rating of
P-3.
Canara Bank:
Assigned local currency long-term Counterparty Risk Rating of Baa3.
Assigned local currency short-term Counterparty Risk Rating of
P-3.
Canara Bank, London Branch:
Assigned local currency long-term Counterparty Risk Rating of Baa3.
Assigned local currency short-term Counterparty Risk Rating of
P-3.
Central Bank of India:
Assigned local currency long-term Counterparty Risk Rating of Ba2.
Assigned local currency short-term Counterparty Risk Rating of
NP.
HDFC Bank Limited:
Assigned local currency long-term Counterparty Risk Rating of Baa1.
Assigned local currency short-term Counterparty Risk Rating of
P-2.
HDFC Bank Limited, Bahrain Branch:
Assigned local currency long-term Counterparty Risk Rating of Ba1.
Assigned local currency short-term Counterparty Risk Rating of
NP.
HDFC Bank Limited, Hong Kong Branch:
Assigned local currency long-term Counterparty Risk Rating of Baa1.
Assigned local currency short-term Counterparty Risk Rating of
P-2.
ICICI Bank Limited:
Assigned local currency long-term Counterparty Risk Rating of Baa2.
Assigned local currency short-term Counterparty Risk Rating of
P-2.
Counterparty risk assessment upgraded to Baa2(cr)/P-2(cr) from
Baa3(cr)/P-3(cr)
ICICI Bank Limited, Bahrain Branch:
Assigned local currency long-term Counterparty Risk Rating of Ba1.
Assigned local currency short-term Counterparty Risk Rating of
NP.
ICICI Bank Limited, Dubai Branch:
Assigned local currency long-term Counterparty Risk Rating of Baa2.
Assigned local currency short-term Counterparty Risk Rating of
P-2.
Counterparty risk assessment upgraded to Baa2(cr)/P-2(cr) from
Baa3(cr)/P-3(cr)
ICICI Bank Limited, Hong Kong Branch:
Assigned local currency long-term Counterparty Risk Rating of Baa2.
Assigned local currency short-term Counterparty Risk Rating of
P-2.
Counterparty risk assessment upgraded to Baa2(cr)/P-2(cr) from
Baa3(cr)/P-3(cr)
ICICI BANK LIMITED, NEW YORK BRANCH:
Assigned local currency long-term Counterparty Risk Rating of Baa2.
Assigned local currency short-term Counterparty Risk Rating of
P-2.
Counterparty risk assessment upgraded to Baa2(cr)/P-2(cr) from
Baa3(cr)/P-3(cr)
ICICI Bank Ltd, Singapore Branch:
Assigned local currency long-term Counterparty Risk Rating of Baa2.
Assigned local currency short-term Counterparty Risk Rating of
P-2.
Counterparty risk assessment upgraded to Baa2(cr)/P-2(cr) from
Baa3(cr)/P-3(cr)
IDBI Bank Ltd:
Assigned local currency long-term Counterparty Risk Rating of Ba3.
Assigned local currency short-term Counterparty Risk Rating of
NP.
IDBI Bank Ltd, DIFC Branch:
Assigned local currency long-term Counterparty Risk Rating of Ba3.
Assigned local currency short-term Counterparty Risk Rating of
NP.
Indian Overseas Bank:
Assigned local currency long-term Counterparty Risk Rating of Ba2.
Assigned local currency short-term Counterparty Risk Rating of
NP.
Indian Overseas Bank, Hong Kong Branch:
Assigned local currency long-term Counterparty Risk Rating of Ba2.
Assigned local currency short-term Counterparty Risk Rating of
NP.
Oriental Bank of Commerce:
Assigned local currency long-term Counterparty Risk Rating of Baa3.
Assigned local currency short-term Counterparty Risk Rating of
P-3.
Punjab National Bank:
Assigned local currency long-term Counterparty Risk Rating of Baa3.
Assigned local currency short-term Counterparty Risk Rating of
P-3.
Counterparty risk assessment upgraded to Baa3(cr)/P-3(cr) from
Ba1(cr)/NP(cr)
State Bank of India:
Assigned local currency long-term Counterparty Risk Rating of Baa2.
Assigned local currency short-term Counterparty Risk Rating of
P-2.
State Bank of India, DIFC Branch:
Assigned local currency long-term Counterparty Risk Rating of Baa2.
Assigned local currency short-term Counterparty Risk Rating of
P-2.
State Bank of India, Hong Kong Branch:
Assigned local currency long-term Counterparty Risk Rating of Baa2.
Assigned local currency short-term Counterparty Risk Rating of
P-2.
State Bank of India, London Branch:
Assigned local currency long-term Counterparty Risk Rating of Baa2.
Assigned local currency short-term Counterparty Risk Rating of
P-2.
State Bank of India, Nassau Branch:
Assigned local currency long-term Counterparty Risk Rating of Baa2.
Assigned local currency short-term Counterparty Risk Rating of
P-2.
Syndicate Bank:
Assigned local currency long-term Counterparty Risk Rating of Baa3.
Assigned local currency short-term Counterparty Risk Rating of
P-3.
Syndicate Bank, London Branch:
Assigned local currency long-term Counterparty Risk Rating of Baa3.
Assigned local currency short-term Counterparty Risk Rating of
P-3.
Union Bank of India:
Assigned local currency long-term Counterparty Risk Rating of Baa3.
Assigned local currency short-term Counterparty Risk Rating of
P-3.
Union Bank of India, Hong Kong Branch:
Assigned local currency long-term Counterparty Risk Rating of Baa3.
Assigned local currency short-term Counterparty Risk Rating of
P-3.
Yes Bank Limited:
Assigned local currency long-term Counterparty Risk Rating of Baa3.
Assigned local currency short-term Counterparty Risk Rating of
P-3.
The principal methodology used in these ratings was Banks published in June
2018. Please see the Rating Methodologies page on www.moodys.com
for a copy of this methodology.
Axis Bank Ltd, headquartered in Mumbai, reported total assets
of INR6.9 trillion (USD106 billion) at 31 March 2018.
Bank of Baroda, headquartered in Baroda (Gujarat), reported
total assets of INR7.2 trillion (USD111 billion) at 31 March 2018.
Bank of India, headquartered in Mumbai, reported total assets
of INR6.1 trillion (USD94 billion) at 31 March 2018.
Canara Bank, headquartered in Bangalore, reported total assets
of INR6.2 trillion (USD95 billion) at 31 March 2018.
Central Bank of India, headquartered in Mumbai, reported total
assets of INR3.3 trillion (UD$50 billion) at 31 March 2018.
HDFC Bank Limited, headquartered in Mumbai, reported total
assets of INR10.6 trillion (USD163 billion) 31 March 2018.
ICICI Bank Limited, headquartered in Mumbai, reported total
assets of INR8.8 trillion (USD135 billion) at 31 March 2018.
IDBI Bank Ltd, headquartered in Mumbai, reported total assets
of INR3.5 trillion (USD54 billion) at 31 March 2018.
Indian Overseas Bank, headquartered in Chennai, reported total
assets of INR2.5 trillion (USD38 billion) 31 March 2018.
Oriental Bank of Commerce, headquartered in New Delhi, reported
total assets of INR2.3 trillion (USD36 billion) 31 March 2018.
Punjab National Bank, headquartered in New Delhi, reported
total assets of INR7.7 trillion (USD118 billion) 31 March 2018.
State Bank of India, headquartered in Mumbai, reported total
assets of INR34.5 trillion (USD531 billion) 31 March 2018.
Syndicate Bank, headquartered in Bangalore, reported total
assets of INR3.2 trillion (USD50 billion) at 31 March 2018.
Union Bank of India, headquartered in Mumbai, reported total
assets of INR4.9 trillion (USD75 billion) 31 March 2018.
Yes Bank Limited, headquartered in Mumbai, reported total
assets of INR3.1 trillion (USD48 billion) 31 March 2018.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt or pursuant to a program for which the ratings
are derived exclusively from existing ratings in accordance with Moody's
rating practices. For ratings issued on a support provider,
this announcement provides certain regulatory disclosures in relation
to the credit rating action on the support provider and in relation to
each particular credit rating action for securities that derive their
credit ratings from the support provider's credit rating.
For provisional ratings, this announcement provides certain regulatory
disclosures in relation to the provisional rating assigned, and
in relation to a definitive rating that may be assigned subsequent to
the final issuance of the debt, in each case where the transaction
structure and terms have not changed prior to the assignment of the definitive
rating in a manner that would have affected the rating. For further
information please see the ratings tab on the issuer/entity page for the
respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit
support from the primary entity(ies) of this credit rating action,
and whose ratings may change as a result of this credit rating action,
the associated regulatory disclosures will be those of the guarantor entity.
Exceptions to this approach exist for the following disclosures,
if applicable to jurisdiction: Ancillary Services, Disclosure
to rated entity, Disclosure from rated entity.
Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
review.
The below contact information is provided for information purposes only.
Please see the ratings tab of the issuer page at www.moodys.com,
for each of the ratings covered, Moody's disclosures on the
lead rating analyst and the Moody's legal entity that has issued
the ratings.
Please see www.moodys.com for any updates on changes to
the lead rating analyst and to the Moody's legal entity that has issued
the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.
Alka Anbarasu
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077
Graeme Knowd
MD - Banking
Financial Institutions Group
JOURNALISTS: 81 3 5408 4110
Client Service: 81 3 5408 4100
Releasing Office:
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077