DBRS ups Kommunalkredit Austria

DBRS said it upgraded the ratings of Kommunalkredit Austria AG, including the long-term issuer rating to BBB from BBB (low). The trend is now stable.

“The upgrade of the long-term issuer rating reflects the continued progress the bank has made in developing its franchise in infrastructure lending, and the further improvement in core profitability while maintaining solid capital levels. The upgrade also reflects the resilience of KA’s business model despite the current challenging environment as a result of the Covid-19 pandemic,” the agency said in a press release.

The bank continued to perform well despite the pandemic’s economic disruptions. In the first half of 2020, volumes of new infrastructure and energy lending were at similar levels to the first half of 2019, with margins on new business remaining resilient, DBRS said.

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