MOODY

Ghana’s second biggest bank, GCB Bank, has been downgraded by international rating agency, Moody’s. This is the second time in two years that Moody’s has downgraded the indigenous bank. The bank’s deposit ratings reflect the expected losses that depositors will incur following the sovereign debt restructuring. GCB Bank’s long-term local currency deposit rating was downgraded to Caa3 from Caa2 and is one notch higher than the bank’s Ca long-term foreign currency deposit rating. Again, its  long-term foreign currency deposit ratings have also been downgraded from Ca to Caa2, its long-term Counterparty Risk Ratings (CRRs) to Caa3 from Caa2 and its long-term…