New York, July 31 (FinanceEnquiry.com) – Analysts at Moody’s Investors Service has confirmed DSK Bank’s long and short term and foreign currency deposit ratings at Baa3/Prime 3 and lowered its standalone bank financial strength rating by one notch from ba2 to D. The outlook on the ratings has been negative.
In a research note published yesterday, the analysts mention that the lowering of the standalone BFSR indicates the bank’s weakening standalone financial strength, owning to the challenging operating environment, which has resulted in non-performing loans and lower profitability compared with pre-crisis levels.
The confirmation of DSK”s deposit ratings at Baa3/ Prime 3 indicates the incorporation of rating uplift on the basis of Moody’s assessment of the likelihood of support from both the parent bank and the Bulgarian authorities. This indicates Moody’s view that DSK is a strategically important 100 percent owned subsidiary of the parent bank and a systemically important bank in Bulgaria due to its dominant presence in the retail sector with a market share of 16 percent in retail deposits.
However, the negative outlook indicates Bulgaria’s challenging operating environment and Moody’s expectation that the fragile economic recovery will continue to affect the bank’s ability to stabilize and materially improve its asset quality metrics, the analysts say.
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