Moodys ups outlook of Piraeus Bank Bulgaria to positive on sovereign action.

By bne IntelliNews January 22, 2010
International credit rating agency Moodys has upgraded the outlook on the Baa3 long-term foreign currency deposit rating of the countrys seventh largest Piraeus Bank Bulgaria from stable to positive on similar action of the sovereign rating. The local currency deposit ratings are at Baa2/Prime-3 but the rating on the foreign currency deposits is constrained by the countrys ceiling and will change in case of action on the sovereign one. Moodys explains that the ratings of the other rated local lenders are not affected as they are not constrained by the countrys ceiling. The assets of Piraeus Bank, the local subsidiary of Greeces financial group Piraeus, fell by 13.3% y/y to BGN 3.67bn (EUR 1.88bn) as of the end of September and its net profit declined by 37.4% y/y to BGN 34.3mn in Jan-Sep.

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