Moody's changes BankPozitif outlook to negative

Moody's Investor Service said it changed BankPozitif Kredi Ve Kalkinma Bankasi AS' outlook to negative from stable, affirmed its Ba1 long-term global local- and foreign-currency issuer ratings and lowered its standalone bank financial strength rating to D- from D, which is now equivalent to a baseline credit assessment ba3 (formerly ba2).

The agency said the lowering of BankPozitif's bank financial strength rating reflects its overall weakening performance and financial metrics against an environment of moderate economic growth and intense competition in the bank's core business areas of corporate and investment banking.

The affirmation of the issuer ratings reflects a moderate likelihood of support from majority (69.8%) shareholder Bank Hapoalim BM of Israel, Moody's said.

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