Moody's upgrades Locko-bank

Moody's Investors Service said it upgraded Locko-bank's long-term local- and foreign-currency deposit ratings to B1 from B2,

The upgrade reflects the bank's robust financial fundamentals and its demonstrated resilience to the economic and banking downturn of 2014 through 2015, Moody's said.

The outlook remains stable.

The agency also said it upgraded Locko-bank's baseline credit assessment/adjusted baseline to B1 from B2 and its counterparty risk assessment to Ba3(cr) from B1(cr).

Moody's said it affirmed the bank's not-prime short-term local- and foreign-currency deposit ratings and not-prime(cr) short-term credit ratio assessment.

The upgrades consider Locko-bank's consistently strong profitability, the agency said.

Locko-bank's funding and liquidity profile is solid with its dependence on wholesale funding reduced to just 14% of tangible assets and unencumbered liquid assets amounting to nearly 30% of total assets, Moody's said.

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