Middle East Economic Survey

VOL. LII

No 35

31-Aug-2009

REGIONAL

Moodys Downgrades HBME Ratings Because Of Pressure On Profitability

Moodys Investors Service announced on 24 August the downgrading of the bank financial strength rating (BFSR) for HSBC Bank Middle East Limited (HBME) to C from C+ and its long-term local currency debt rating and foreign currency deposit and debt ratings to Aa3 from Aa2. The agency said the rating outlook is now stable, and that the downgrade reflects its expectation...