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Moody’s changes Banque Internationale a Luxembourg view
Moody’s Investors Service said it affirmed the long-term issuer, deposit and senior unsecured debt ratings of Banque Internationale a Luxembourg at A2 and changed the outlook to stable from positive.
The agency affirmed the bank's standalone baseline credit assessment at baa2, as well as the senior subordinated, junior subordinated and non-cumulative preferred stock ratings at Baa3, Ba1(hyb) and Ba2(hyb), respectively.
Moody’s also affirmed the bank's short-term rating at Prime-1 and its long-term and short-term counterparty risk assessment at A1(cr) and Prime-1(cr), respectively.
The agency said the outlook reflects view that the bank's commercial development, even supported by its new shareholder, will take time before delivering higher profits.
Moody’s said it expects the bank’s asset risk to remain low in the current benign macroeconomic environment, while its profitability will continue to be constrained by low interest rates and high operating expenses.
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