Moody's lowers Banque PSA

Moody's Investors Service said it downgraded the long-term debt and bank deposit ratings of Banque PSA Finance to Baa2 from Baa1.

While the C- standalone bank financial strength rating was confirmed, its mapping to the long-term scale baseline credit assessment was lowered to Baa2 from Baa1.

The outlook is negative.

Moody's also confirmed the P-2 short-term rating.

Given the intricate strategic, commercial and financial ties to its parent, Moody's said it remains of the view that Banque PSA's creditworthiness is inherently linked to that of its parent, PSA Peugeot Citroen, even though its short-run financial performance displays low correlation with that of the manufacturer.

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