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Moody’s views Black Sea bank negatively
Moody’s said it confirmed the Black Sea Trade and Development Bank’s Baa1 long-term issuer and senior unsecured ratings and assigned a negative outlook. The agency completed its review for downgrade it started on March 18.
“The negative outlook reflects Moody's view that the challenges related to the Russia-Ukraine military conflict continue to pose risks to Bstdb's capital adequacy, liquidity, and shareholders' support.
“While preliminary evidence suggests some resilience of the bank's asset performance, risks remain tilted to the downside due to the uncertainty surrounding the evolution of the military conflict, which appears to be more protracted than Moody's initially envisaged. A material increase in non-performing assets would likely lead to a weaker assessment of capital adequacy. The ultimate impact on the rating would also depend on the bank's response to such a scenario,” the agency said in a press release.
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