Moody’s upgrades SID Banka to Baa3

Moody's Investors Service said it upgraded the issuer and senior unsecured ratings of SID Banka, d.d., Ljubljana to Baa3 from Ba1 with stable outlook.

SID Banka is a development bank owned by the Slovenian government and benefits from an explicit guarantee from the government on its liabilities.

The action follows the similar action on the Slovenian government, whose ratings were recently upgraded to Baa3 from Ba1 with stable outlook.

Moody’s said the bank continues to be rated at the same level as the government bond rating due to an explicit government guarantee on all the bank's liabilities (under the amended Slovene Export and Development Bank Act).

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