Ratings agency Standard & Poor’s (S&P) cut its credit rating on Standard Chartered for the first time in 20 years on Friday, citing the “tough period” the Asia-focused bank was going through and its weaker credit-worthiness, Reuters reported. It was S&P’s first downgrade since it assigned Standard Chartered a rating in 1994, followed by upgrades in 1995, 2006 and 2011.
