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Rating Action:

Moody's places Raiffeisenbank Austria's Counterparty Risk Ratings and Assessments on review for upgrade

28 Jun 2022

Rating action follows the review for upgrade on Croatia's sovereign ratings

Limassol, June 28, 2022 -- Moody's Investors Service ("Moody's") has today placed Raiffeisenbank Austria d.d. (RBA)'s Baa2 long-term Counterparty Risk Ratings (CRR) and its long and short-term Baa3(cr)/P-3(cr) Counterparty Risk (CR) Assessments on review for upgrade. Concurrently the rating agency affirmed all other ratings and assessments, including the bank's ba2 Baseline Credit Assessment (BCA), its ba1 Adjusted BCA and Baa2/P-2 deposit ratings.

Today's rating action follows the EU Economic and Financial Affairs Council's decision on 17 June to recommend that Croatia adopt the euro as its domestic currency as of 1 January 2023, which has prompted Moody's to place the Government of Croatia's Ba1 senior unsecured and issuer ratings on review for upgrade (see: Moody's places Croatia's Ba1 ratings on review for upgrade; https://www.moodys.com/research/--PR_466973).

A full list of affected ratings and assessments can be found at the end of this press release.

RATINGS RATIONALE

-- REVIEW FOR UPGRADE ON CRR AND CR ASSESSMENTS

The review for upgrade on RBA's CRR and CR Assessments is driven by the review for upgrade on Croatia's sovereign rating and reflects the fact that these ratings and assessments are currently constrained by the government rating.

In line with Moody's Banks Methodology, RBA's Baa2 long-term CRR are constrained at two notches above the government's Ba1 rating. RBA's Baa3(cr) long-term CR Assessment is constrained at one notch above the government rating, also in accordance with Moody's methodology.

Without these constraints, the CRR and CR Assessment would each have benefited from a three notch uplift from RBA's ba1 Adjusted BCA based on Moody's Advanced Loss Given Failure (LGF) analysis.

-- AFFIRMATION OF BCA AND ADJUSTED BCA

According to the rating agency, the decision to affirm RBA's ba2 BCA reflects the bank's strong capital buffers, with a tangible common equity/risk-weighted assets ratio of 17.5% as of the end of 2021 although Moody's expects the ratio to decline as RBA resumes dividend distributions, a stable deposit-based funding structure and high liquidity. These strengths are moderated by relatively high asset risks, with problem loans equivalent to 4.8% of gross loans as of the end of 2021 and relatively high through-the-cycle credit costs, and moderate and volatile profitability. RBA's BCA also reflects high litigation risk from consumers who had borrowed in Swiss francs in the past and are suing the bank claiming to have suffered losses on the basis of exchange rate differences, as well as for compensation for changes in interest rates.

The ba1 Adjusted BCA continues to incorporate Moody's assessment of a high probability of affiliate support from Raiffeisen Bank International AG (RBI; long-term bank deposits/senior unsecured: A2/A2 stable, BCA: baa3), which translates into a one notch rating uplift.

-- AFFIRMATION OF DEPOSIT RATINGS

The affirmation of RBA's Baa2 long-term deposit ratings follows the affirmation of the bank's BCA and Adjusted BCA and reflects that these ratings are not currently constrained by the sovereign rating.

RBA's Baa2-rated deposits are positioned two notches above the ba1 Adjusted BCA from Moody's Advanced LGF analysis that indicates a very low loss given failure reflecting the likely reduction in expected loss because of the loss absorption provided by the substantial volume of deposits.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The CRR and CR Assessments could be upgraded upon conclusion of the review, in case the Government of Croatia's ratings are upgraded.

Upward pressure on RBA's BCA and therefore ratings could also result from a significant improvement in Croatia's operating environment, for example following the country's euro area accession, along with lower asset risk, a material reduction in litigation risk, and sustainably stronger and more stable profitability metrics for RBA, in case the sovereign ratings are upgraded.

The CRR and CR Assessments could be confirmed at their current levels following a confirmation of the Government of Croatia's ratings at Ba1.

Downward pressure on RBA's BCA and therefore ratings could be triggered by an unexpected deterioration in operating conditions, a significant deterioration in the bank's asset-quality and profitability metrics, higher-than-expected litigation costs, or from a material reduction in the bank's capital beyond what is currently expected.

Significantly reduced capacity or willingness by RBI to provide support to RBA, or a change in the bank's liability structure that reduces the uplift provided by Moody's Advanced LGF analysis could also result in a ratings downgrade.

LIST OF AFFECTED RATINGS

..Issuer: Raiffeisenbank Austria d.d.

On Review for Upgrade:

....Long-term Counterparty Risk Assessment, Placed on Review for Upgrade, currently Baa3(cr)

....Short-term Counterparty Risk Assessment, Placed on Review for Upgrade, currently P-3(cr)

....Long-term Counterparty Risk Ratings, Placed on Review for Upgrade, currently Baa2

Affirmations:

....Adjusted Baseline Credit Assessment, Affirmed ba1

....Baseline Credit Assessment, Affirmed ba2

....Short-term Counterparty Risk Ratings, Affirmed P-2

....Long-term Bank Deposit Ratings, Affirmed Baa2, Outlook Remains Stable

....Short-term Bank Deposit Ratings, Affirmed P-2

Outlook Action:

....Outlook, Changed to Ratings Under Review From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks Methodology published in July 2021 and available at https://ratings.moodys.com/api/rmc-documents/71997. Alternatively, please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found on https://ratings.moodys.com/rating-definitions.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security 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 credit rating action on the support provider and in relation to each particular credit 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 issuer/deal page for the respective issuer on https://ratings.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit 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 ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website https://ratings.moodys.com.

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

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://ratings.moodys.com/documents/PBC_1288235.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on https://ratings.moodys.com.

Please see https://ratings.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 issuer/deal page on https://ratings.moodys.com for additional regulatory disclosures for each credit rating.

Alexios Philippides
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Cyprus Ltd.
Porto Bello Building
1, Siafi Street, 3042 Limassol
PO Box 53205
Limassol, CY 3301
Cyprus
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Henry MacNevin
Associate Managing Director
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Cyprus Ltd.
Porto Bello Building
1, Siafi Street, 3042 Limassol
PO Box 53205
Limassol, CY 3301
Cyprus
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

No Related Data.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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