Moody’s cuts Credem deposits

Moody's Investors Service said it downgraded Credito Emiliano SpA's (Credem) long-term deposit ratings to Baa1 from A3.

The outlook remains negative.

At the same time, the agency affirmed Credem's baa3 standalone baseline credit assessment (BCA) and Ba1 rating on subordinated debt.

Moody’s said the downgrade of the deposit rating reflects Credem's reduced stock of bail-in-able senior unsecured debt, which results in higher loss-given-failure for the bank's junior deposits. The affirmation of the standalone BCA reflects Credem's stable financial metrics.

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