Moody's downgrades Invest bank's long-term deposit

The international rating agency also downgraded Invest bank’s long-term and the short-term counterparty risk assessments to Baa3/P-3 from Baa2/P-2, according to an official statement.

“The rating downgrade reflects Invest bank's significant and sudden weakening in asset quality, combined with the resulting deterioration in the bank's profitability and capitalisation,” Moody’s revealed.

Moody's placed a group of the UAE-based bank’s ratings on review for further downgrade.

“The review for downgrade will allow Moody's to assess Invest Bank asset quality, profitability and capitalisation.”