S&P confirms, withdraws Nadra's 'SD' ratings

Yesterday, in a press release, Standard & Poor’s said it affirmed the ‘SD’ (selective default) long-term counterparty ratings on Nadra Bank. According to S&P, the ratings were lowered to ‘SD’ from ‘CC’ on March 2, after Nadra failed to make interest payments on certain deposits and failed to honor drawings made on certain of its letters of credit. At the same time, following the affirmation of the ratings, S&P said it withdrew them at the lender’s request.