Moody’s cuts Nadra’s long-term foreign currency rating to C

On Friday, Moody’s Investors Service reported that it downgraded long-term foreign currency senior unsecured debt rating of Bank Nadra to C from Caa2, with a stable outlook. According to the announcement “the downgrade of Nadra’s debt rating to C reflects Moody’s expectation that Nadra’s senior unsecured creditors will incur significant losses consistent with a C rating category, according to the terms of the restructuring recently proposed by the bank to the bondholders”.