Caribbean Development Bank loses top-rated 'AAA' status - S&P
NEW YORK, June 13, CMC – A leading international credit agency here has downgraded the Caribbean Development Bank (CDB) from (AAA) Triple A, the firm's highest rating, stating that its risk management has weakened.
“We lowered the long-term issuer credit rating on the bank to 'AA+' from 'AAA' and affirmed the 'A-1+' short-term rating,” said the Wall Street-based Standard & Poor’s Rating Services (S&P) in a statement issued here on Tuesday.
But it added, “The stable outlook reflects our expectation that despite weaknesses in the risk management framework, the bank's financial position will remain in line with its rated peers and that the very strong shareholder support will persist.”
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