July 2, 2012 / 8:36 AM / 5 years ago

State Bank of Mauritius gets Moody's rating upgrade

PORT LOUIS, July 2 (Reuters) - Moody’s Investors Services has raised State Bank of Mauritius’ long term foreign currency deposit rating to Baa1 from Baa2 with a stable outlook, the bank said on Monday.

“This move follows the upgrade of Mauritius’ foreign currency deposit ceiling and, within a context of economic uncertainty globally, reflects the particularly solid fundamentals of SBM,” SBM said in a statement.

SBM’s domestic currency deposit ratings remains at Baa1 and its financial strength rating was upheld at C minus by Moody‘s, the bank said.

Writing by Duncan Miriri; Editing by David Clarke

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