Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Вы переходите с русскоязычного сайта Moody's на международный сайт Moody's на английском языке. Продолжить?
Больше не показывать данное сообщение
Да
Нет
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:
​​

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​​

I AGREE
Rating Action:

Moody's affirms ratings of Credit Europe Bank N.V. and Credit Europe Bank Ltd.

03 Oct 2013

Outlooks changed to negative

Frankfurt am Main, October 03, 2013 -- Moody's Investors Service has today affirmed the Ba2 deposit and senior debt ratings of Credit Europe Bank N.V., based in the Netherlands. The rating agency has also affirmed the bank's Ba3 subordinated debt rating, Not Prime short-term deposit ratings and D standalone financial strength rating (BFSR), which is equivalent to a baseline credit assessment (BCA) of ba2. Concurrently, the rating agency has changed the outlook on all Credit Europe Bank N.V.'s long-term ratings and BFSR to negative from positive.

Additionally, Moody's affirmed the Ba3 deposit and senior debt ratings of Credit Europe Bank Ltd (Russia). The rating agency has also affirmed the bank's B1 subordinated debt rating, Not Prime short-term deposit ratings and D- BFSR (ba3 BCA). Concurrently, the rating agency has changed the outlook on all Credit Europe Bank Ltd's long-term debt and deposit ratings to negative from positive and on the BFSR to negative from stable.

RATINGS RATIONALE

Credit Europe Bank N.V.

--- RATIONALE FOR THE RATING AFFIRMATION

The affirmation of the Credit Europe Bank N.V.'s ratings reflects its sound but gradually weakening financial indicators including (1) a strong Tier 1 ratio indicating loss-absorption capacity commensurate with Moody's central scenario; and (2) the overall acceptable funding profile with a higher degree of self-sufficiency of the group's key subsidiaries.

While gradually weakening, the factors supporting the bank's BCA are its still-adequate profitability with net income over average risk-weighted assets of 1.1% as of H1 2013, down from 1.5% reported in 2010. Similarly, its Tier 1 ratio was 9.1% as of the same date, representing a decline from 11.4% over the same period. Based on its moderate asset quality -- non-performing loans to gross loans of 4.95% are largely in line with 4.60% reported in 2010 -- Moody's believes that Credit Europe Bank N.V. displays sufficient loss-absorption capacity in line with the ba2 BCA under the rating agency's central scenario.

As a result of Credit Europe Bank N.V. resuming growth, its reliance on wholesale funds has increased to 28% as of H1 2013 from 20% of total assets in 2010. During H1 2013, the group's gross loan to deposit ratio increased to a satisfactory 100% from a strong 73%. Moody's notes positively that the cross-border intergroup funding has reduced to 10% of total assets from 15% reported in 2010 (25%: 2008), increasing the self-reliance of the subsidiaries.

--- RATIONALE FOR THE OUTLOOK CHANGE

The outlook change to negative from positive on the BFSR reflects the lower diversification of Credit Europe Bank N.V.'s earnings, with a high 80% reliance on profitability from Credit Europe Bank Ltd, because of the lagging earnings generations from its other European operations. As of H1 2013, the continuing losses reported from its Romanian exposures, primarily through its subsidiary Credit Europe Bank SA (unrated), equated to 70% of the total net income generated from outside Russian operations, constraining Credit Europe Bank N.V.'s ability to readily offset headwinds from Credit Europe Bank Ltd.

Furthermore, Moody's believes that the tighter liquidity indicators are due to (1) Credit Europe Bank N.V.'s increased commercial leverage, which has prompted a gradual decline in the share of liquid assets to total assets to 28% as of H1 2013 from 36% of the balance sheet reported in 2010; (2) the widening of the liquidity gap in the up-to three and 12 month buckets, which, according to Moody's estimates equates to a short position of 7% and 23%, respectively, of the total balance sheet (from short 2% and 9% respectively); and (3) the increased self-funding of the subsidiaries via wholesale market funding. Moody's views these funding sources as more volatile, reducing the bank's capacity to adapt to changing market conditions. At the same time, the rating agency takes into account the primarily short-term nature of the group's lending activities, specialised in trade finance and consumer lending, which affords a degree of additional flexibility in managing liquidity requirements.

Credit Europe Bank Ltd (Russia)

--- RATIONALE FOR RATING AFFIRMATION

The affirmation of Credit Europe Bank Ltd's ratings reflects the good track record of asset-quality performance, healthy capital adequacy, and strong pre-provision income, which enable the bank to absorb potential losses, particularly compared to its single-b rated Russian peers.

Moody's bases its view on the bank's (1) profitable lending franchise with a healthy return on average assets (ROAAs) at 1.82% and sound pre-provision income to average total assets at 5.57% in H1 2013; (2) historically good asset quality stemming from a conservative credit risk appetite; and (3) healthy capital buffers, with a Tier 1 ratio of 14.6% at end-June 2013. In terms of risk appetite, Moody's notes that the bank's cost of credit risk (loan loss provisions as a percentage of average gross loans) was at 3.66% (annualised) in H1 2013, a moderate level for a Russian bank with a high share of consumer lending operations.

--- RATIONAL FOR THE OUTLOOK CHANGE

The outlook change to negative primarily reflects the bank's greater operational focus on consumer lending, which over the last two years increased to 74.0% of gross loans as of June 2013 (2010: 46.1%).

In addition, the outlook change is driven by (1) deterioration of the bank's profitability, as ROAAs declined to 1.82% in H1 2013 from a strong 3.54% reported in 2010; and (2) weakening of the bank's Tier 1 ratio to 14.6% at end-June 2013 (19.8% reported at year-end 2010).

Moody's believes that these combined weaker trends render the banks' operations more vulnerable, particularly given the increasing credit risks in the Russian consumer lending segment.

Moody's also notes that the Russian bank is highly reliant on wholesale funding sources and has a modest liquidity cushion. As at end-June 2013, the share of customer deposits in total non-equity funding stood at 47% and the loan-to-deposit ratio was at 219%. Moody's also notes the limited cushion of highly liquid assets that accounted for only 7.9% of total assets as of 30 June 2013; this renders the bank's liquidity and profitability potentially vulnerable to refinancing risks.

WHAT COULD MOVE THE RATING UP/DOWN

The negative outlook indicates that there is currently no upward pressure on the ratings.

Credit Europe Bank N.V.'s ratings could experience downward pressure following (1) further weakening in the performance of non-Russian operations that would increase the convergence between the risk profiles of Credit Europe Bank N.V. and Credit Europe Bank Ltd, in the absence of strong revenue diversification; (2) significant weakening of Credit Europe Bank Ltd's risk profile; (3) further tightening of Credit Europe Bank N.V.'s liquidity indicators; and/or (4) further deterioration of the bank's core capitalisation.

Credit Europe Bank Ltd's ratings could be downgraded if (1) the parent's rating were downgraded; or (2) if the bank's risk profile, profitability or loss-absorption capacity deteriorated.

The principal methodology used in these ratings was Global Banks published in May 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The person who approved Credit Europe N.V. credit ratings is Carola Schuler, MD - Banking, Financial Institutions Group, JOURNALISTS: 44 20 7772 5456, SUBSCRIBERS: 44 20 7772 5454

The person who approved Credit Europe Ltd. credit ratings is Yves J Lemay, MD - Banking, Financial Institutions Group, JOURNALISTS: 44 20 7772 5456, SUBSCRIBERS: 44 20 7772 5454

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Arif K Bekiroglu
Asst Vice President - Analyst
Financial Institutions Group
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Carola Schuler
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's affirms ratings of Credit Europe Bank N.V. and Credit Europe Bank Ltd.
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​​​