Moody’s lowers five Pakistani banks’ outlook to negative

ISLAMABAD: Moody’s Investors Service on Wednesday affirmed the B3 long-term deposit ratings of five leading Pakistani banks and changed their outlook to negative from stable as a fallout of its last week’s downgrade of Pakistan’s sovereign rating to negative. These banks are Allied Bank Limited (ABL), Habib Bank Ltd, MCB Bank Limited (MCB), National Bank of Pakistan and United Bank Ltd (UBL). As part of the same rating action, “Moody’s has changed the outlook on the banks’ long-term deposit ratings to negative from stable”, it said in a statement.