Moody’s upgrades Depfa Bank

Moody's Investors Service said it upgraded the senior unsecured debt ratings of Depfa Bank plc to A2 from Baa2.

Concurrently, the agency upgraded the long-term deposit ratings of Depfa and Depfa ACS Bank DAC to A2 from Baa2 and the banks' short-term deposit ratings to P-1 from P-2.

Moody's upgraded the banks' baseline credit assessments and adjusted baseline credit assessments to baa3 from ba3, and upgraded both banks' counterparty risk assessments to A2(cr)/P-1(cr) from Baa2(cr)/P-2(cr).

The outlook was changed to positive from ratings under review.

The agency assigned A2/P-1 counterparty risk ratings to Depfa and Depfa ACS.

Moody’s said the upgrade reflects further significant progress in unwinding the group's balance sheet and risk-weighted assets, as illustrated by the decrease of total assets by 49% to €18.6 billion during 2016 and 2017, and the 70% decrease of risk-weighted assets during the same period.

© 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.