Moody's Investors Service ("Moody's")  has today affirmed all ratings and assessments of the three rated Mauritian banks, namely: Mauritius Commercial Bank Limited ("MCB"), SBM Bank (Mauritius) Ltd. ("SBM Bank"), and Absa Bank (Mauritius) Limited ("Absa Mauritius"). As part of the same rating action Moody's has changed the outlooks to stable from negative on MCB's and SBM Bank's long-term deposit and issuer ratings. The outlook for Absa Mauritius' long-term deposit ratings remains stable.

A full list of affected ratings can be found at the end of this press release.

The rating action follows Moody's decision to downgrade the Mauritian government's long-term issuer rating to Baa3, from Baa2, with an outlook change to stable from negative on 28 July 2022. The stable outlook on the sovereign captures Moody's expectations that Mauritius's credit profile will remain aligned with Baa3-rated sovereigns. For further information on the sovereign rating action, please refer to Moody's press release: "Moody's downgrades Mauritius's rating to Baa3, changes outlook to stable", https://www.moodys.com/research/--PR_467667.