The rating action reflects Scope’s view that the group’s business-model and financial recalibration remains less reassuring, which could affect a return to healthier profitability and to more sustainable growth of business volumes.

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.