Moody’s ups some Sparkasse KoelnBonn ratings

Moody's Investors Service said it affirmed Sparkasse KoelnBonn's Aa3/P-1 deposit ratings and the bank's A2 long-term senior unsecured debt ratings.

At the same time, the agency upgraded the bank’s long-term counterparty risk rating to Aa2 from Aa3.

Moody's affirmed the P-1 short-term counterparty risk ratings and the P-1(cr) short-term counterparty risk assessment.

In addition, the agency upgraded the bank's baseline credit assessment to baa2 from ba1 and its adjusted BCA to a3 from baa1, as well as the bank's long-term counterparty risk assessment to Aa2(cr) from Aa3(cr).

The outlook on the long-term deposit ratings was changed to negative from stable, and the outlook on the long-term senior unsecured debt ratings remains negative.

“The upgrade of several of SKKB's ratings and assessments reflects an improved standalone financial strength supported by significantly improved core capitalization following a conversion of silent participations into core capital,” Moody’s said in a news release.

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