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Moody's may upgrade Central-European International Bank debt
Moody's Investors Service said it placed Central-European International Bank's A1 local-currency senior unsecured debt rating, A1 local-currency senior unsecured medium-term note rating and A1 local-currency long-term bank deposit rating on review for possible upgrade.
The bank's C- bank financial strength rating, A2/P-1 foreign-currency bank deposit ratings and P-1 local-currency short-term deposit rating were affirmed with a stable outlook.
The review is due to the upcoming merger of the bank with Inter-Europa Bank, which is expected to be completed by the end of the year. The agency said the merger will strengthen Central-European International Bank's position primarily in the corporate segment, while the benefits for the merged bank's retail franchise will be less significant.
The review will focus on the sustainability of the merged bank's market shares and relative ranking among Hungarian banks in the longer term, Moody's said, as well as on finalizing the systemic support assessment for the merged bank.
The affirmation of the bank's other ratings reflects the agency's expectation that Central-European International Bank's profitability, asset quality and capitalization ratios will not deteriorate as a result of the merger.
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