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Moody's downgrades HSBC Middle East
- Middle East: Tuesday, August 25 - 2009 at 09:57
Moody's Investors Service has downgraded the bank financial strength rating of HSBC Middle East to C from C+ and its long-term local currency debt rating and foreign currency deposit and debt ratings to Aa3 from Aa2. The rating outlook is now stable. Moody's has downgraded HSBC Middle East as it believes the bank will come under pressure on its asset quality and profitability in the countries in which it operates, particularly the UAE, which makes up around 70% of its operations.
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StaffTuesday, August 25 - 2009 at 09:57 UAE local time (GMT+4)
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