In the context of Scope Ratings’ strategy of focussing on the needs of institutional investors, Scope will offer its unsolicited bank and covered bond credit ratings on a subscription basis only via its credit intelligence platform.

The group continues to face steep challenges for its multi-year business-model and activity-mix recalibration effort; litigation risk remains from the legacy of past activities and current investigations.

Indifferent of top management changes, the group faces ongoing steep challenges for its multi-year business-model and activity-mix recalibration effort; headline risk also remains from the legacy of past activities.

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.