S&P slashes Nadra Bank's rating to SD

Standard & Poor’s said yesterday in a statement that it lowered the long-term issuer credit rating of Nadra Bank from ‘CC’ to ‘SD’ indicating a selective default. S&P removed the bank’s ratings from CreditWatch with negative implications, where they had been since Feb. 13, 2009. S&P said the change reflects its understanding that Nadra has missed payments on some deposits and letters of credit, and the severe pressure on the bank’s liquidity position.