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Moody’s might lift IPEX-Bank
Moody's Investors Service said it placed the A2 long-term deposit ratings of KfW IPEX-Bank GmbH (IPEX-Bank) on review for upgrade.
Concurrently, the agency placed the bank's baa3 baseline credit assessment and its baa3 adjusted BCA, as well as its A2(cr) counterparty risk assessment, on review for upgrade.
The short-term P-1 deposit ratings and the short-term P-1(cr) counterparty risk assessment were affirmed.
Moody’s said the review for upgrade was prompted by its re-assessment of the degree of financial integration and dependency of IPEX-Bank with German government-owned Kreditanstalt für Wiederaufbau (KfW, deposits: Aaa stable).
“KfW's ability to financially assist its commercial banking subsidiary IPEX-Bank within European competition laws appears to be beyond the rating agency's previous expectations,” the agency said in a news release.
“During the review period, Moody's will therefore evaluate to what extent these factors could support a closer conversion of IPEX-Bank ratings with those of its parent, indicating the potential for a ratings upgrade by more than one notch upon the closure of the review.”
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