S&P downgrades Ratings of Alliance Bank to 'SD'

    Standard & Poor's international credit rating agency downgraded ratings of Alliance Bank from "CC/C" to "SD."
    Alliance Bank ratings were placed on CreditWatch negative.
    Downgrade is a result of the announcement made by the bank that it is in talks with creditors for a three-month repayment freeze to work out a detailed plan and that it failed to fulfill one of its obligations, according to CA-News.