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29 Nov 2010
London, 29 November 2010 -- Moody's today changed the outlook on the A1 long-term and
the P-1 short-term deposit ratings of Ceskoslovenska Obchodni
Banka a.s. (CSOB, Czech Republic) to stable from negative.
The outlook on the C bank financial strength rating (BFSR), translating
into an A3 baseline credit assessment, was also changed to stable.
According to Moody's, the change in outlook reflects CSOB's
demonstrated strong revenue generation ability and high capitalisation,
underpinning the bank's ability to withstand losses in more stressed
According to Moody's, CSOB's C BFSR is supported by
the bank's strong market position, its risk management practices,
recovery in profitability and increased capital buffer. However,
Moody's notes that the BFSR is constrained by high borrower concentration,
weakening asset quality and notable exposure to more vulnerable asset
classes including real-estate.
CSOB reported CZK10.25 billion (EUR416.5 million) net profit
for the first nine months of 2010, a 12% rise compared to
the same period in 2009. The increase was driven mainly by net
interest income which increased by 7% over the period. The
bank's total capital ratio increased to 17.8% as of
Q3 2010 from 15% at year-end 2009.
The bank is fully owned by Belgium's KBC Bank N.V.
(Aa3 negative; C+/A2 negative). KBC Bank is poised to
sell a minority share in the bank in the near future as a part of a restructuring
plan agreed with the European Commission.
The deposit ratings of most of the rated Czech banks, including
CSOB, remain underpinned by high parental support from foreign owners,
as the foreign owners of Czech banks are, in general, Western
European banks that are well established in CEE, with extensive
experience of the region built up over the past few years.
Over time, upward pressure on the BFSR could result from improving
asset quality and lower borrower concentration.
Downward pressure on the BFSR and deposit rating could stem from significant
deterioration of asset quality, loss of market share or increased
industry and borrower concentrations.
The principal methodologies used in this rating were Bank Financial Strength
Ratings: Global Methodology published in February 2007, and
Incorporation of Joint-Default Analysis into Moody's Bank Ratings:
A Refined Methodology published in March 2007.
The last rating action on CSOB was implemented on 17 Aug 2009, when
Moody's confirmed the bank's BFSR and downgraded the local currency deposit
rating to A1 from Aa3.
Headquartered in Prague, Czech Republic, CSOB reported IFRS
consolidated net income of EUR416.5 million in first nine months
of 2010 and total assets of EUR36.9 billion at the end of September
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
MD - Banking
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's Investors Service Ltd.
Moody's changes outlook on A1/P-1/C ratings of Ceskoslovenska Obchodni Banka (Czech Republic) to stable
One Canada Square
London E14 5FA
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