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Announcement:

Moody's reviews ratings of bank subsidiaries in CEE and CIS for downgrade

21 Feb 2012

Actions follow the review for downgrade of parents' ratings

London, 21 February 2012 -- Moody's Investors Service today has placed on review for downgrade the debt and deposit ratings of 21 bank subsidiaries located in Central and Eastern Europe (CEE) and Commonwealth of Independent States (CIS), reflecting concerns regarding weakening capacity and/or willingness of parent banks to provide support to these subsidiaries.

At the same time, Moody's has placed on review for downgrade the standalone credit assessments of 7 of these bank subsidiaries, reflecting the potential adverse consequences from weakening creditworthiness at the parent level on the subsidiaries' financial strength, given the close linkages between them. Such linkages include the risk that subsidiaries may face pressure to upstream capital to their parents or to take more risks in order to increase profits.

Today's announcement follows the placement on review for downgrade of the affected subsidiaries' parent groups, specifically 11 European banking groups and one US group. These actions are discussed further in the press releases "Moody's Reviews Ratings for European Banks" and "Moody's Reviews Ratings for Banks and Securities Firms with Global Capital Markets Operations", both dated February 15, 2012, on moodys.com.

The affected subsidiaries are listed below (in alphabetical order of their parent groups):

- Bank Millennium (subsidiary of Banco Comercial Portugues)

- Bank Handlowy w Warszawie S.A. (subsidiary of Citigoup)

- Forum Bank (subsidiary of Commerzbank)

- Banca Comerciala Romana, Ceska Sporitelna and Erste Bank Hungary (subsidiaries of Erste Group Bank)

- ING Bank Eurasia and ING Bank Slaski (subsidiaries of ING Bank)

- Banka Intesa (Russia) and Vseobecna uverova banka (subsidiaries of Intesa Sanpaolo)

- Ceskoslovenska Obchodni Banka (Czech Republic) and Ceskoslovenska Obchodna Banka (Slovakia) (subsidiaries of KBC Bank)

- Natixis Bank (ZAO) (subsidiary of Natixis)

- Bank Gospodarki Zywnosciowej (subsidiary of Rabobank)

- Raiffeisenbank (Bulgaria) EAD, Raiffeisen Bank SA, ZAO Raiffeisenbank, Raiffeisen Bank Aval, Raiffeisen Leasing Aval and Tatra Banka (subsidiaries of Raiffeisen Bank International)

- Komercni Banka (subsidiary of Société Générale)

The bank ratings affected by today's announcement are listed at the end of this press release.

RATINGS RATIONALE

Moody's bank credit analysis takes into account assumptions about the capacity and willingness of parent banks to support their subsidiaries if required. Under Moody's joint-default analysis methodology, such support assumptions can lead to a subsidiary's debt and deposit ratings being positioned above its standalone credit assessment. Weakening financial strength of parent groups can reduce the benefit from parental support, and exert downward rating pressure on a subsidiary's debt and deposit ratings. Furthermore, Moody's also has increasing concerns regarding the willingness of European parent banking groups to extend support in the current environment.

FOCUS OF THE REVIEW -- DEBT AND DEPOSIT RATINGS

In conjunction with the conclusion of the reviews of the parent group ratings, the reviews for downgrade of the subsidiaries' deposit and debt ratings will focus on two key factors:

(1) WEAKENING OF CAPACITY OF PARENT BANKS TO PROVIDE SUPPORT

The operating environment for banking groups in Europe has deteriorated significantly in recent months, driven by (i) the adverse and prolonged impact of the euro area crisis, which makes the operating environment very difficult for European banks; (ii) the deteriorating creditworthiness of euro area sovereigns; and (iii) longer-term, the substantial challenges faced by banks and securities firms with significant capital market activities. These drivers are triggering deterioration in the credit profiles of parent banks, thereby affecting their financial capacity, including capital and funding resources, to support their subsidiaries.

Accordingly, the reviews will assess the effects of any reduction in the capacity of parent groups to support their subsidiaries, as captured by any lowering of parent groups' standalone credit assessments.

In the case of Bank Handlowy, a subsidiary of the US' Citigroup, Moody's concern about the parent's credit strength primarily reflects the third aforementioned driver, namely the difficulties for financial institutions with global capital markets activities. These firms face more fragile funding conditions, wider credit spreads and increased regulatory burdens. These adverse credit drivers, together with inherent vulnerabilities such as confidence-sensitivity, interconnectedness, and opacity of risk, have diminished the longer term profitability and growth prospects of firms with global capital market operations, in Moody's opinion.

(2) POTENTIAL WEAKENING IN WILLINGESS OF PARENT BANKS TO PROVIDE SUPPORT

The above-listed adverse trends, as well as stricter regulatory requirements are driving banks to strengthen their capital resources, including via deleveraging. Such efforts can lead parent banks to refocus on their core domestic franchises and reduce their willingness to deploy scarce capital and funding resources to support foreign subsidiaries.

Accordingly, the review will also re-assess any changes in the willingness or likelihood that European parental groups will provide support if needed. This part of the review will consider, on a bank-by-bank basis (i) the increasing pressure on parent groups to refocus on their core domestic franchises; (ii) any changes to the medium-term strategic fit of subsidiaries; and (iii) the potential for a gradual withdrawal from the markets in which the respective subsidiaries operate, given the Europe-wide scarcity of capital resources.

The concerns regarding potential weakening in willingness of European parent banks to provide support are described in more detail in Moody's Comment, "CEE and CIS Banks: Pressure on Euro Area Banks Could Lead to Diminishing Parental Support for Local Subsidiaries", published on 16 December 2012.

The reviews of subsidiaries' deposit and debt ratings will assess the effects of these factors on each affected subsidiary, taking into consideration its positioning and long-term strategic value within the parent group and the financial standing of each parent. The reviews of the subsidiaries will be concluded following the conclusion of the reviews on their respective parent groups.

RATINGS RATIONALE -- STANDALONE CREDIT ASSESSMENTS

In addition to the reviews on deposit and debt ratings for all 21 subsidiaries, the standalone credit assessments of 7 of these have also been placed on review for downgrade, reflecting the potential adverse consequences from weakening creditworthiness at the parent level on the subsidiaries' financial strength. The affected 7 banks are: Banca Comerciala Romana, Bank Millennium, Ceska Sporitelna, Ceskoslovenska Obchodni Banka (Czech Republic), Komercni Banka, Raiffeisen Bank SA and Tatra Banka.

FOCUS OF THE REVIEW -- STANDALONE CREDIT ASSESSMENTS

For these banks, the reviews will also assess increasing concerns regarding how pressures on parent groups may affect subsidiaries' standalone credit profiles through their close financial, branding and managerial linkages. Such linkages further include risks that subsidiaries may face pressure from their parents to upstream capital to them or to take more risks to grow profits. Moody's will assess the positioning of each subsidiary's standalone credit assessment relative to its parent's standalone profile, taking into account (i) funding dependence; (ii) profitability; (iii) exposure to the parent; (iv) regulatory barriers to control the distribution of capital resources from the subsidiary to the parent and (v) idiosyncratic challenges in local markets.

WHAT COULD MOVE THE RATINGS UP/DOWN

For the reviews of subsidiaries' deposit and debt ratings, the most important drivers are the weakening capacity of parent banks to provide support to subsidiaries and the risk of declining willingness to offer such support. For the reviews of subsidiaries' standalone credit assessments, the most important drivers are how declining financial strength of the parent groups may affect subsidiaries' standalone credit profiles via close financial, branding and managerial linkages, as well as the risk of pressure on subsidiaries to upstream capital to their parents or to take more risks in order to increase profits.

Moody's believes there is little likelihood of any upward rating momentum for the subsidiaries covered by today's announcement, unless there was a material, sustained improvement in the European operating environment.

The following ratings are affected:

Bank Millennium (subsidiary of Banco Comercial Portugues)

- Long-term local and foreign currency deposit rating of Baa3, placed on review for downgrade from negative outlook

- Short-term local and foreign currency deposit rating of Prime-3, placed on review for downgrade

- Standalone BFSR (bank financial strength rating) of D (mapping to Ba2), placed on review for downgrade from stable outlook

Bank Handlowy w Warszawie S.A. (subsidiary of Citigoup)

- Long-term local and foreign currency deposit rating of Baa1, placed on review for downgrade from negative outlook

- Short-term local and foreign currency deposit rating of Prime-2, placed on review for downgrade

- Standalone BFSR of D+ (mapping to Baa3), negative outlook, unchanged

Forum Bank (subsidiary of Commerzbank AG):

- Long-term local currency deposit rating of B1, placed on review for downgrade from negative outlook

- Long-term foreign currency deposit rating of B3, negative outlook, unchanged

- Long-term national scale bank deposits rating of Aa3.ua, placed on review for downgrade

- Standalone BFSR of E+ (mapping to B3), negative outlook, unchanged

Banca Comerciala Romana (subsidiary of Erste Group Bank):

- Long-term local currency deposit rating of Baa2, and foreign currency deposit rating of Baa3, placed on review for downgrade from stable outlook

- Short-term local currency deposit rating of Prime-2, and foreign currency deposit rating of Prime-3, placed on review for downgrade

- Standalone BFSR of D (mapping to Ba2), placed on review for downgrade from stable outlook

Ceska Sporitelna (subsidiary of Erste Group Bank):

- Long-term local and foreign currency deposit rating of A1, placed on review for downgrade from negative outlook

- Short-term local and foreign currency deposit rating of Prime-1, placed on review for downgrade

- Standalone BFSR of C (mapping to A3), placed on review for downgrade from negative outlook

Erste Bank Hungary (subsidiary of Erste Group Bank):

- Long-term local and foreign currency deposit ratings of Ba3, placed on review for downgrade from negative outlook

- Standalone BFSR of E+ (mapping to B2), negative outlook, unchanged

ING Bank Eurasia (subsidiary of ING Bank):

- Long-term local and foreign currency deposit rating of Baa1, placed on review for downgrade from negative outlook

- Short-term local and foreign currency deposit rating of Prime-2, placed on review for downgrade

- Senior unsecured rating of Baa1, placed on review for downgrade from negative outlook

- Standalone BFSR of D (mapping to Ba2), stable outlook, unchanged

ING Bank Slaski (subsidiary of ING Bank):

- Long-term local and foreign currency deposit rating of A2, placed on review for downgrade from negative outlook

- Short-term local and foreign currency deposit rating of Prime-1, placed on review for downgrade

- Standalone BFSR of D+ (mapping to Baa3), stable outlook, unchanged

Banca Intesa (Russia) (subsidiary of Intesa Sanpaolo):

- Long-term- local and foreign currency deposit ratings of Baa3, placed on review for downgrade from negative outlook

- Short-term local and foreign currency deposit rating of Prime-3, placed on review for downgrade

- Standalone BFSR of D- (mapping to Ba3), stable outlook, unchanged

Vseobecna uverova banka (subsidiary of Intesa Sanpaolo):

- Long-term local and foreign currency deposit rating of A2, placed on review for downgrade from negative outlook

- Short-term local and foreign currency deposit rating of Prime-1, placed on review for downgrade

- Standalone BFSR of C- (mapping to Baa2), stable outlook, unchanged

Ceskoslovenska Obchodni Banka (Czech Republic) (subsidiary of KBC Bank)

- Long-term local and foreign currency deposit rating of A1, placed on review for downgrade from negative outlook

- Short-term local and foreign currency deposit rating of Prime-1, placed on review for downgrade

- Standalone BFSR of C (mapping to A3), placed on review for downgrade from negative outlook

Ceskoslovenska Obchodna Banka (Slovakia) (subsidiary of KBC Bank)

- Long-term local and foreign currency deposit rating of Baa2, placed on review for downgrade from stable outlook

- Short-term local and foreign currency deposit rating of Prime-2, placed on review for downgrade

- Standalone BFSR of D (mapping to Ba2), stable outlook, unchanged

Natixis Bank (ZAO) (subsidiary of Natixis):

- Long-term local and foreign currency deposit rating of Ba2, placed on review for downgrade from stable outlook

- Standalone BFSR of E+ (mapping to B1), stable outlook, unchanged

Bank Gospodarki Zywnosciowej (subsidiaries of Rabobank):

- Long-term local and foreign currency deposit rating of Baa1, placed on review for downgrade from negative outlook

- Short-term local and foreign currency deposit rating of Prime-2, placed on review for downgrade

- Standalone BFSR of D (mapping to Ba2), stable outlook, unchanged

Raiffeisenbank (Bulgaria) EAD (subsidiary of Raiffeisen Bank International AG):

- Long--term local and foreign currency deposit rating of Baa3, placed on review for downgrade from stable outlook

- Short-term local and foreign currency deposit rating of Prime-3, placed on review for downgrade

- Standalone BFSR of D+ (mapping to Ba1), negative outlook, unchanged

Raiffeisen Bank SA (subsidiary of Raiffeisen Bank International AG):

- Long--term local currency deposit rating of Baa3, placed on review for downgrade from positive outlook

- Long-term foreign currency deposit rating of Baa3, placed on review for downgrade from stable outlook

- Short-term local and foreign currency deposit rating of Prime-3, placed on review for downgrade

- Standalone BFSR of D (mapping to Ba2), placed on review for downgrade from stable outlook

ZAO Raiffeisenbank (subsidiary of Raiffeisen Bank International AG):

- Long-term local and foreign currency deposit rating of Baa3, placed on review for downgrade from positive outlook

- Local currency senior unsecured debt rating of Baa3, placed on review for downgrade from positive outlook

- Foreign currency senior unsecured debt rating of (P)Baa3, placed on review for downgrade from positive outlook

- Short-term local and foreign currency deposit rating of Prime-3, placed on review for downgrade

- Foreign currency senior unsecured debt rating of (P)Prime-3, placed on review for downgrade

- Foreign currency subordinated debt rating of (P)Ba1, placed on review for downgrade from positive outlook

- Standalone BFSR of D+ (mapping to Ba1), stable outlook, unchanged

Raiffeisen Bank Aval (subsidiary of Raiffeisen Bank International AG):

- Long--term local currency deposit ratings of Ba1, placed on review for downgrade from stable outlook

- Local currency senior unsecured rating of Ba1, placed on review for downgrade from stable outlook

- Long-term foreign currency deposit ratings of B3, negative outlook, unchanged

- Long-term deposit national scale rating of Aa1.ua, unchanged

- Senior unsecured national scale rating of Aa1.ua, unchanged

- Standalone BFSR of D- (mapping to Ba3), stable outlook, unchanged

Raiffeisen Leasing Aval (subsidiary of Raiffeisen Bank International AG):

- Long--term national scale issuer rating of Aa1.ua, placed on review for downgrade

- Long -term national scale senior unsecured rating of Aa1.ua, placed on review for downgrade

Tatra Banka (subsidiary of Raiffeisen Bank International AG):

- Long-term local and foreign currency deposit rating of A2, placed on review for downgrade from negative outlook

- Short-term local and foreign currency deposit rating of Prime-1, placed on review for downgrade

- Standalone BFSR of C- (mapping to Baa2), placed on review for downgrade from negative outlook

Komercni Banka (subsidiary of Société Générale):

- Long-term local and foreign currency deposit rating of A2, placed on review for downgrade from negative outlook

- Short-term local and foreign currency deposit rating of Prime-1, placed on review for downgrade

- Standalone BFSR of C (mapping to A3), placed on review for downgrade from negative outlook

The principal methodologies used in rating Bank Millenium, Bank Handlowy w Warszawie S.A, Forum Bank, Banca Comerciala Romana, Ceska Sporitelna, Erste Bank Hungary, ING Bank Eurasia, ING Bank Slaski, Banca Intesa (Russia), Vseobecna uverova banka, Ceskoslovenska Obchodni Banka (Czech Republic), Ceskoslovenska Obchodna Banka (Slovakia), Natixis Bank (ZAO), Bank Gospodarki Zywnosciowej, Raiffeisenbank (Bulgaria) EAD, Raiffeisen Bank SA, Raiffeisen Bank Aval and Raiffeisen Leasing Aval, Tatra Banka and Komercni Bank 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 principal methodologies used in rating ZAO Raiffeisenbank 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, and Moody's Guidelines for Rating Bank Hybrid Securities and Subordinated Debt published in November 2009.

The ratings of Forum Bank, Raiffeisen Bank Aval and Raiffeisen Leasing Aval are Moody's National Scale Ratings (NSRs) which are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Implementation Guidance published in March 2011 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant 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 relevant 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 relevant 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.

The ratings of ING Bank Slaski were initiated by Moody's and were not requested by these rated entities.

ING Bank Slaski or its agent(s) participated in the rating process. This rated entity or its agent(s) provided Moody's access to the books, records and other relevant internal documents of the rated entity.

The ratings have been disclosed to the rated entities or their designated agents and issued with no amendment resulting from that disclosure.

Information sources used to prepare the ratings for Bank Millenium, Bank Handlowy w Warszawie S.A, Forum Bank, Banca Comerciala Romana, Ceska Sporitelna, Erste Bank Hungary, ING Bank Eurasia, Vseobecna uverova banka, Ceskoslovenska Obchodni Banka, Ceskoslovenska Obchodna Banka (Slovakia), Natixis Bank (ZAO), Bank Gospodarki Zywnosciowej, Raiffeisenbank (Bulgaria) EAD, Raiffeisen Bank SA, ZAO Raiffeisenbank, Raiffeisen Bank Aval, Raiffeisen Leasing Aval, Tatra Banka and Komercni Banka are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Information sources used to prepare the ratings for Banca Intesa (Russia) are the following: parties involved in the ratings, parties not involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Information sources used to prepare the ratings for ING Bank Slaski are the following: public information.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these reviews.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings 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.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entities or their related third parties within the two years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see for each issuer the ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

The below contact information is provided for information purposes only. Please see the issuer page on www.moodys.com for Moody's regulatory disclosure of the name of the lead analyst and the office that has issued the credit rating.

The person who approved Bank Millennium, Bank Handlowy w Warszawie S.A, Forum Bank, Banca Comerciala Romana, Ceska Sporitelna, Erste Bank Hungary, ING Bank Eurasia, ING Bank Slaski, Banka Intesa (Russia), Vseobecna uverova banka, Ceskoslovenska Obchodni Banka (Czech Republic), Ceskoslovenska Obchodna Banka (Slovakia), Natixis Bank (ZAO), Bank Gospodarki Zywnosciowej, Raiffeisenbank (Bulgaria) EAD, Raiffeisen Bank SA, ZAO Raiffeisenbank, Raiffeisen Bank Aval, Raiffeisen Leasing Aval, Tatra Banka and Komercni Banka is Yves Lemay, MD -- Financial Institutions Group, JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454.

The person who approved Komercni Banka is Simon Harris, MD -- Financial Institutions Group, JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454.

The relevant Releasing Office for each rating is identified under the Debt/Tranche List section on the Ratings tab of each issuer/entity page on moodys.com

Irakli Pipia
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Yves Lemay
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's reviews ratings of bank subsidiaries in CEE and CIS for downgrade
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.

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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.

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