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
Bulgaria Banks Said to be Partly Responsible for Euro Decline
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Moody's Investors Service placed its rating outlooks for Bulgaria's DSK Bank AD and First Investment Bank Ltd on review for a possible downgrade, Bloomberg agency reported in an article about the first fall of the euro against the dollar in seven days.
The agency comments that the euro decline comes on concerns of banking weakness in the whole of Europe, not only in the region.
Moody's Investors Service said it 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.
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