Moody's confirms First Investment Bank

Moody's Investors Service said it has confirmed the D Bank financial strength rating and the Ba1 long-term local and foreign currency deposit ratings of First Investment Bank AD (Bulgaria).

The rating agency said it has also confirmed the senior unsecured ratings and subordinated debt ratings of Ba1 and Ba2, respectively.

This rating action concludes the rating review that was initiated in May, following the short-lived run on customer deposits experienced by the bank during the second week of May, the agency said.

"In placing the ratings under review for possible downgrade, the agency focused on assessing any potential impairment to the bank's reputation, funding ability and franchise development in terms of lending and growth of business, and First Investment Bank's overall future financial performance," said Elena Panayiotou, Moody's analyst and lead analyst for this issuer.

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