Moody’s upgrades BRD deposits, view positive

Moody's Investors Service said it upgraded BRD - Groupe Societe Generale SA's long-term and short-term local- and foreign-currency deposit ratings to Baa3/Prime-3 from Ba1/Not Prime and changed the outlook to positive from stable on the long-term deposit ratings.

Concurrently, the agency upgraded the bank's baseline credit assessment (BCA) to b1 from b2, adjusted BCA to ba2 from ba3 and long-term and short-term counterparty risk assessment to Baa2(cr)/Prime-2(cr) from Baa3(cr)/Prime-3(cr).

Moody's said the upgrade was driven by: (a) The upgrade of the bank's BCA to b1 from b2 with ongoing upward pressure; (b) the agency's unchanged high affiliate support assumption from its parent, France's Societe Generale (A2 stable/A2 stable; baa2), resulting in a two-notch rating uplift and a higher adjusted BCA of ba2 from ba3 previously; and (c) maintaining two notches of rating uplift from Moody's advanced LGF analysis.

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