ICRA Nepal reaffirms rating of Rs 3 arba worth debenture of NIC ASIA Bank as ICRANP LBBB; rating indicates moderate degree of safety regarding timely servicing of financial obligations

ICRA Nepal Limited has reaffirmed the rating of NIC Asia Bank Limited. The rating has been removed from ‘Watch with Negative Implications’ and moved to “Issuer Not Cooperating” category with notice for rating withdrawal as below:

The rating agency has rated the Subordinated Debenture of NPR 3,000 million of the bank as [ICRANP] LBBB “Issuer Not Cooperating”; removed from watch with negative implications and moved to issuer not cooperating category with notice of withdrawal. 

Instruments with rating of [ICRANP] LBBB are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such instruments carry moderate credit risk.

*The Rating is only an opinion on the general creditworthiness of the rated entity and not specific to any particular debt instrument.

**Debenture Rating is not a recommendation to buy, sell or hold securities nor it is a comment on the price or valuation of securities issued by company.

For the Rating categories AA through to 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 BBB+ is one notch higher than BBB, while BBB- is one notch lower than BBB.