Moody's upgrades Siauliu Bankas

Moody's Investors Service said it upgraded the long- and short-term deposit ratings of Siauliu Bankas, AB in Lithuania to Baa2/P-2 from Baa3/P-3.

The baseline credit assessment also was upgraded to Ba1 from Ba2.

The outlook also was revised to stable from positive.

The upgrades are driven by the bank's strong fundamentals, continued strengthening of the bank's capitalization and sustained improvement in the bank's profitability, Moody's said.

The stable outlook reflects an expectation that continued favorable operating conditions in Lithuania will support the bank's fundamentals, the agency said.

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