ICRA Nepal Downgrades Rating of Prabhu Bank, Withdraws Laxmi Sunrise Bank Rating
Summary
ICRA Nepal has withdrawn Laxmi Sunrise Bank’s issuer rating and placed its subordinated debenture rating on notice for withdrawal after a request from the bank. It also downgraded Prabhu Bank’s issuer and debenture ratings while keeping both on watch with negative implications.
Key Points
- ICRA Nepal withdrew Laxmi Sunrise Bank Limited’s issuer rating after receiving a withdrawal request from the bank.
- The bank’s Rs 2 billion subordinated debenture rating has also been placed on notice for withdrawal.
- Prabhu Bank Limited’s issuer rating was downgraded to BB from BB+, and its Rs 1 billion subordinated debenture rating was downgraded to LBB from LBB+.
- Both of Prabhu Bank’s ratings remain on 'Watch with Negative Implications.'
