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Moodys downgrades BCR and Raiffeisen Romania ratings

Rating agency Moody’s has downgraded today (Thurs) the ratings of two Romanian banks, the subsidiaries of Raiffeisen and Erste Group, namely Raiffeisen Romania and Banca Comerciala Romana (BCR). Both banks has been put under speculative ratings, Moody's informed by a communique.

BCR's rating for long term deposits in local currency (RON) was cut to "Baa2" from "Ba1" and the rating for long term deposits on foreign currencies was reduced to "Baa3" from "Ba1", both with negative outlook.

The deposits in local currency of Raiffeisen Bank SA had been downgraded from "Baa3" to "Ba1", with stable outlook.

While BCR’s new rating has a negative outlook, Raiffeisen Romania’s is stable. A deteriorating operating environment in Romania is given as a reason for both downgrades, while BCR’s rating was also affected by "the bank’s rapidly weakening financial performance."

Moody’s admits however the support of the parent bank’s to their Romanian subsidiaries as counterbalancing factors.

The move comes a day after Moody's downgraded the ratings of seven German banks, including Commerzbank and three Austrian banks, namely Erste, Raiffeisen and UniCredit Bank Austria which are controlling the subsidiaries from Central and Eastern Europe of the Italian group Unicredit.

Tag cloud Bank  downgrades  Erste  deposits  namely  Raiffeisen  Moody  Romania  outlook  Baa3  German  Austrian  ratings  negative  UniCredit  seven  stable  bank  currency  subsidiaries

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