ICRA Nepal downgrades issuer rating of Excel Development Bank Limited to ICRANP-IR BB indicating moderate risk of default in timely servicing of financial obligations

ICRA Nepal Limited has  downgraded the issuer rating of Excel Development Bank Limited to [ICRANP-IR] BB (pronounced ICRA NP issuer rating double B) from [ICRANP-IR] BB+ (pronounced ICRA NP issuer rating double B Plus). Issuers with this rating are considered to have a moderate risk of default with regard to the timely servicing of financial obligations.

The Rating is only an opinion on the general creditworthiness of the rated entity and not specific to any particular debt instrument. For the Rating categories [ICRANP-IR] AA through to [ICRANP-IR] C the sign of + (plus) or – (minus) may be appended to the Rating symbols to indicate their relative position within the Rating categories concerned. Thus, the Rating of [ICRANP-IR] BB+ is one notch higher than [ICRANP-IR] BB, while [ICRANP-IR] BB- is one notch lower than [ICRANP-IR] BB.