Moody's cuts Abanka Vipa

Moody's Investors Service said it downgraded Abanka Vipa dd's long-term local and foreign-currency deposit ratings to Caa3 from Caa1 and preferred stock non-cumulative rating to C(hyb) from Ca(hyb).

Moody's said the downgrades were prompted by its assessment that Abanka's credit profile has been further weakened by: (a) A failure to carry out its planned capital increase as announced in the press release issued by Abanka on Feb. 19; (b) ongoing material losses undermining its already weak capital base; and (c) the lack of immediate prospects of restoring profitability.

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