New York, July 19 (FinanceEnquiry.com) – Analysts at Moody’s Investors Service has downgraded long term bank deposit ratings of BSI AG from A2 to A3 and its short term ratings from Prime-1 to Prime-2. The outlook on the ratings was negative.
In a research note published today, the analysts mention that Generali would continue to support BSI, however, the insurance group’s weakened credit worthiness means that BSI’s ratings were no longer benefiting from any uplift in the rating.
The standalone credit profile of BSI indicates its franchise in on and off shore wealth management, its moderate risk appetite and adequate financial fundamentals. The ratings also indicates BSI’s substantial recurring goodwill amortizations from past acquisitions, which constraints its recurring earnings power, its earnings dependence on capital market developments and typical risks applying to private banks like high sensibility to reputational and operational risk, the analysts say.
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