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Moody's Investors Service, has affirmed all ratings and assessments of GCB Bank Limited (GSE:GCB), including its B3 local currency deposit rating, and has changed the outlook on the bank's long-term deposit ratings to negative from positive.

The rating action follows Moody's decision to affirm the Ghanaian government's long-term issuer rating of B3 and change its outlook to negative from positive on 17 April 2020. The negative outlook on the sovereign reflects the rising risks, ultimately emanating from the coronavirus outbreak, to Ghana's funding and debt service, with financing beyond immediate official creditor emergency support looking increasingly vulnerable.

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