Moody’s upgrades Agrobank

Moody's Investors Service said it upgraded the long-term foreign and local currency deposit ratings of Agrobank to B2 with a stable outlook from B3 positive.

Concurrently, the agency upgraded the baseline credit assessment and adjusted BCA to caa2 from caa3 and the long-term counterparty risk assessment to B1(cr) from B2(cr).

Moody’s also affirmed the short-term local and foreign currency deposit ratings of Not-Prime and the short-term CR Assessment of Not-Prime(cr).

Moody’s said the action reflects material improvements to Agrobank's loss absorption capacity upon successful completion of its recapitalization plan in 2015 to 2016.

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