Moody's cuts BRE Bank

Moody's Investors Service said it downgraded BRE Bank SA's long-term bank deposit rating to Baa3 from Baa2 with a stable outlook.

BRE's short-term rating was also downgraded to Prime-3 from Prime-2. The standalone bank financial strength rating at D, equivalent to a Ba2 baseline credit assessment, was affirmed with a stable outlook.

At the same time, Moody's downgraded BRE Bank Hipoteczny's long-term deposit rating to Ba1 with a stable outlook from Baa3 and its short-term ratings to Not-Prime to Prime-3.

In addition, the bank's bank financial strength rating was affirmed at E+ with a stable outlook. However, BRE Bank Hipoteczny's baseline credit assessment was repositioned to B3 from B1 in the same bank financial strength rating category.

Moody's said the actions were driven by the downgrade of the German parent and support-provider Commerzbank AG's baseline credit assessment to Ba1 with stable outlook from Baa3 within the D+ bank financial strength rating category.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.