Moody’s raises Bank CenterCredit

Moody’s said it upgraded Bank CenterCredit's ratings, including its junior subordinated foreign-currency debt rating to Caa2(hyb) from Caa3 (hyb).

“The upgrade of BCC's ratings reflects the recent improvements in the bank's asset quality and profitability, strengthening of its capital and liquidity buffers and stability of its deposit base,” Moody’s said in a press release.

The agency also noted that BCC’s share of problem loans (stage 3 under IFRS 9) fell to 18.5% as of June 30 from 25.6% as of year-end 2019, reflecting loan restructuring, write-offs and recoveries.

The outlook remains stable.

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