Czech Export Banks lending up 92% y/y in Jan-Nov.

By bne IntelliNews December 20, 2010
State-owned Czech Export Bank (CEB) provided CZK 42.8bn (EUR 1.7bn) in loans and guarantees to local export companies in Jan-Nov, up 92% y/y, CTK newswire reported citing CEB acting manager Mchal Bakajsa. In November alone, CEB signed contracts for more than CZK 9.2bn, as major part of the financing was allocated for the construction of the 3rd and 4th units of nuclear power plant Mochovce in Slovakia. Bakajsa expects the value of newly signed contract in full-2010 to reach CZK 43bn. A large part of CEB loans are insured by state-owned Export Guarantee and Insurance Corporation (EGAP). The state owns 72.9% in CEB, while the remaining 27.1% share is held by EGAP. In August, Standard & Poor's revised CEB outlook to positive from stable in line with the country's long-term foreign currency rating. Standard & Poor's affirmed its A/A-1 foreign currency rating on CEB. Moody's lowered its outlook on CEB to stable from positive affirming its long-term foreign currency and senior unsecured debt at Aa1.

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