Downgrade and ongoing Negative Outlook reflect Scope’s view that financial metrics will remain under pressure as uncertainties over the business-model and strategic recalibration are likely to persist.

Review follows the recent publication of the bank's second-quarter 2016 results and reflects Scope’s view that the business-model and financial recalibration of the group is likely to be a lengthy process fraught with challenges.

Outlook change reflects Scope’s view that the business model and financial recalibration of the group may take longer than initially expected.