Moody’s ups Novo Banco debt to B2

Moody's Investors Service said it confirmed Novo Banco SA's and its supported entities' long-term deposit ratings at B2 and upgraded the long-term senior unsecured debt ratings to B2 from B3.

The outlook on the deposit and senior unsecured debt ratings is developing.

Furthermore, the agency assigned a counterparty risk assessment of B1(cr)/Not Prime(cr).

Moody's said the confirmation of Novo Banco's deposit ratings and the upgrade of the senior unsecured debt ratings derive from the affirmation of bank's standalone baseline credit assessment at caa2, the introduction of the rating agency's advanced loss given failure analysis and revised government support assumptions.

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