Moody's confirmed the Credit Rating of Bulgaria and Predicts Postponement of the Euro
Moody's confirmed Bulgaria's long-term rating in foreign and local currency Baa1 with a stable outlook, reports the Ministry of Finance
Moody's Reviews Ratings of Bulgaria DSK, First Investment Bank
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Bulgaria's DSK Bank is one of the two Bulgarian banks whose credit ratings have been placed on review for a possible downgrade by Moody's. Photo by Sofia Photo Agency
Moody's Investors Service has placed on review for possible downgrade ratings of two Bulgarian financial institutions: DSK Bank AD and First Investment Bank Ltd.
With regards to DSK Bank, Moody's downgraded the bank's long-term local currency deposit rating to Baa2 from Baa1 due to the downgrade of its parent bank's (OTP Bank of Hungary) ratings. The bank has been placed on review for further downgrade.
It also placed the D+ bank financial strength rating (BFSR, which maps to a Ba1 baseline credit assessment -- BCA) and the Prime-2 short-term ratings on review for possible downgrade. The Baa3/Prime-3 foreign currency deposit ratings were not affected by this action.
Moody's placed on review for possible downgrade the D bank financial strength rating of First Investment Bank, Ba1 long-term local and foreign currency deposit ratings, as well as the Ba1 and Ba2 ratings for senior and subordinated debt assigned to its EMTN programme.
"We expect that, the weakened economic conditions in Bulgaria will have an impact on the banks' financial fundamentals, particularly their credit quality, earnings generation and capital levels," says Elena Panayiotou, Moody's lead analyst for the banks.
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