New York, July 26 (FinanceEnquiry.com) – Analysts at Moody’s Investors Service has downgraded the deposit ratings and standalone credit assessments of three Slovenian banks. The deposit ratings of Nova Ljubljanska banka (NLB) has been reduced from Ba2 to B2 and standalone credit assessment from b2 to caa1, deposit ratings of Nova Kreditna banka Maribor (NKBM) has been reduced Baa2 to B3 and standalone credit assessment from b1 to caa1 and deposit ratings of Abanka Vipa (Abanka) has been reduced from Ba3 to Caa1 and standalone credit assessment from b2 to caa1.
In a research note published yesterday, the analysts state that the downgrade indicates the significantly increased pressure on the banks’ capital adequacy, caused by current and severe asset quality deterioration.
The announcements of recapitalization of NLB and Abanka in the second quarter of 2012 provided temporary relief only and the amounts which were raised did not provide these two banks with a sustainable financial position to absorb future losses.
The capital position of KBM, which is the second largest bank has also deteriorated in the first half of 2012. However, the ratings remain on negative outlook due to Moody’s view that the Slovenian bank’s financial fundamentals and risk abortion capacity remain under pressure due to current asset quality pressures, insufficiency of capital, deleveraging needs and weakening core profitability, the analysts say.
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