Moody’s upgrades Volksbank

Moody’s Investors Service said it upgraded Volksbank NV's long-term senior unsecured debt rating to A3 from Baa1 and affirmed the bank's long-term deposit rating at A3.

The outlook was changed to stable from positive.

The agency also upgraded Volksbank's subordinated debt rating to Baa2 from Baa3 and its long-term counterparty risk assessment to Aa3(cr) from A1(cr).

Finally, Moody's affirmed the bank's short-term deposit rating and commercial paper rating at Prime-2, as well as its short-term CR assessment at Prime-1(cr).

The agency said the action results from the upgrade of Volksbank's standalone credit assessment, expressed by its baseline credit assessment to baa1 from baa2, reflecting the improved credit fundamentals of the bank.

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