Acleda bank rating upheld by Global credit risk agency
On Friday, 19 June, 2009, Moody, US-based global credit risk agency, confirmed in its statement that it has kept up the bank’s previous ratings mainly due to the role of Acleda’s shareholders, have has long-term focus and have demonstrated their support to the bank by providing equity and debt financing since its inception.
According to the Moody’s statement, Moody’s investor services confirmed Acleda bank local currency deposit and issuer ratings of Ba1 with a stable outlook. The agency also held other ratings for the bank steady, giving Acleda a score of ‘D’ for financial strength rating, a foreign long-term deposit rating of ‘B3’ and a foreign currency long-term issuer rating of ‘B1”.
Im Channy, CEO and president of Acleda bank, said in news release that “we are naturally very pleased with this outcome as it shows that our bank withstood the rigorous scrutiny which we have been put under and have maintained our ratings at a time when so many other banks in the world have been downgraded.”
Christine Kuo, a Moody’s vice president and senior analyst said in the statement that “In light of Cambodia’s current situation and prospects, Moondy’s has concluded that the systemic support input for Cambodian bank rating should be changed from Ba1 to B1.”
“In light of Cambodia’s current situation and prospects, Moody’s has concluded that the systemic support input for Cambodian bank ratings should be changed from Ba1 to B1,” said Christine Kuo, a Moody’s vice president and senior analyst in the statement.
Acleda bank’s shareholders, including the local non-profit organization and international development banks and institutions to support the development of micro-financing or transition economies, are the International Finance Corporation (IFC), the private sector arm of the World Bank (WB) and European development institutions.
The leading commercial bank consist asset worth $692.9 million by 2008 and have gained 20 percent of market share. So far, there are 229 offices throughout the country.
“If Acleda bank can get the same ratings as before during this crisis, it is a good sign,” said Tal Nai Im, director-general of the Central Bank, quoting by the Cambodia Daily as saying.
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Acleda first started as an NGO micro-finance institute (if I am not wrong) and have been working hard and striving to be a private banking facility -. We ought to congratulate their efforts.
In this very moment, where uncertainty on the recovery of global financial crisis, if Acleda can withstand the bumping ride and get such a rating then the insitute is on the right tract.