African Banking Scene: MCB Maintains ‘Investment Grade’

Moody’s has reaffirmed its ratings for the Mauritius Commercial Bank (MCB), still holding it as one of the very few banks on the African continent to maintain an ‘Investment Grade’. However, the shadows loom longer, as on February 4th, the global ratings agency shifted its outlook from ‘stable’ to ‘negative’, stirring a wave of concern within the financial community.

In response to this unexpected downgrade, the management of MCB voiced their thoughts in a statement released on Thursday, 6 February.

They pointed out that while Moody’s has maintained Mauritius’ sovereign rating at Baa3, the accompanying shift to a negative outlook has had ripple effects, necessitating a similar adjustment for the MCB, the nation’s leading financial institution.

Despite these challenges, the MCB retained its solid Baa3 rating, a testament to its financial resilience.

The bank’s management was keen to highlight this achievement, stating: “The MCB remains one of the few banks across Africa that holds an Investment Grade.

Moody’s confirmation of our rating, particularly following our accolade as African Bank of the Year 2024, underscores our unwavering ability to generate profits, alongside our robust capital and liquidity reserves.”

Source: Defi Media