New York, August 16, (FinanceEnquiry.com) – Analysts at Moody’s Investors Service has downgraded the long term deposit rating of Bank Julius Baer & Company by one notch from Aa3 to A1 and also downgrades BJB’s standalone financial strength rating to C+, equivalent to a standalone credit assessment from B-/a1 to a2.
In a research note published yesterday, the analysts state that the one notch downgrade of the bank’s ratings follows the announcement by the Group of its intention to acquire Merrill Lynch’s international wealth management business outside the US from Bank of America and indicates the continued and increased franchise pressures on traditional Swiss private banking franchise, driven by the necessary recalibration of private banking models towards on shore from off shore centers, declining gross margins from lower client risk appetite and trading activities and operating expense pressures, including pressure from a solid Swiss franc.
The downgrade also indicates JBG’s increased risk appetite in order to pursue a transformation deal, which increases risks to bond holders, the analysts say.
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