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Moody's revises foreign-currency ceilings
Moody's Investors Service published the results of an examination of financial institution ratings in the Eastern Europe, Middle East and Africa (EEMEA) region in light of the revision of its rating methodology for assigning foreign currency country bond ceilings.
Most of the foreign currency debt and foreign currency issuer ratings that are now being upgraded were previously constrained at the old foreign currency debt ceilings.
This constraint reflected Moody's earlier view of the risk that such obligations could be captured by a foreign currency payments moratorium in the event the government defaulted on its own foreign currency debt.
Below is a list of affected financial institutions in Eastern Europe, Middle East and Africa including the rating changes resulting from the application of the methodology. The list shows the rated entity, the rated class of debt, the change in the rating, and the outlook.
Croatia: Croatian Bank for Reconstruction & Development issuer rating, foreign currency - upgraded to Baa1 from Baa3; outlook remains unchanged at stable; senior unsecured debt rating, foreign currency, upgraded to Baa1 from Baa3; outlook remains unchanged at stable; senior unsecured debt rating, foreign currency MTN, upgraded to Baa1 from Baa3; outlook remains unchanged at stable.
Zagrebacka banka dd: senior unsecured debt rating, foreign currency, upgraded to A2 from A3; outlook remains unchanged at stable.
Cyprus: KommunalKredit International Bank Ltd. issuer rating, foreign currency, upgraded to Aa3 from A2; outlook changed to stable from positive.
Mauritius: Mauritius Commercial Bank Ltd. issuer rating, foreign currency, upgraded to Baa1 from Baa2; outlook stable. State Bank of Mauritius Ltd. issuer rating, foreign currency, upgraded to Baa1 from Baa2; outlook stable.
Turkey: Finans Finansal Kiralama AS issuer rating, foreign currency, upgraded to Ba1 from Ba3; outlook stable.
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