Moody’s changes Credit Europe Bank view

Moody's Investors Service said it confirmed the Ba2 long-term deposit rating of Credit Europe Bank NV.

The agency also confirmed the bank's baseline credit assessment and adjusted baseline credit assessment of b1, its Ba1 long-term counterparty risk rating, its short-term Not Prime counterparty risk rating and Ba1(cr) counterparty risk assessment.

The bank's subordinated debt rating and short-term counterparty risk assessment were also confirmed at B2 and Not Prime(cr), respectively.

Moody's changed the outlook on the long-term deposit ratings to negative from ratings under review.

The agency said the action follows Moody's recent downgrade of Turkey's government bond rating to Ba3 from Ba2 and change of outlook to negative.

Moody’s said the negative outlook on the bank reflects the increased risk of a more adverse scenario in Turkey, for example, a further negative shift in investor sentiment that could lead to a curtailing of wholesale funding for Turkish banks, which could lead to increased asset risk for Credit Europe Bank.

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