MUMBAI (Thomson Financial) - Moody's Investors Service said it has affirmed Standard Chartered Bank's 'A2' and 'Prime-1' deposit and debt ratings and its 'C+' bank financial strength rating with a stable outlook following the announcement that it will acquire American Express Bank Ltd.
The ratings agency said Standard Chartered Bank's overall financial profile will remain well placed within its ratings range though there will be a slight deterioration in its Tier 1 ratio due to goodwill arising from the acquisition.
The acquisition will significantly enhance Standard Chartered Bank's private banking capabilities in core Asian markets and double its US dollar clearing volumes, Moody's said.
Moody's also affirmed the ratings of Standard Chartered PLC at 'Baa1' for junior subordinated debt and 'Baa2' for preferred stock. TFN.newsdesk@thomson.com ans/man COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.