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Rating Action:

Moody's upgrades three Slovenian banks' ratings

21 Jun 2017

London, 21 June 2017 -- Moody's Investors Service has today upgraded the ratings of three Slovenian banks. This concludes the review for upgrade initiated on 3 May 2017. For further information on this rating action, please refer to Moody's press release (Moody's places three Slovenian banks' ratings on review for upgrade, https://www.moodys.com/research/--PR_365714). The review was prompted by the rating agency's change of its Macro Profile for Slovenia to "Moderate" from "Moderate-", as well as the continued improvement in the banks' credit fundamentals. The strengthening of the Macro Profile reflects Moody's assessment that the Slovenian banks' operating environment has benefited from a significant reduction in systemic risks underscored by the start of the privatisation process of the largest banks in 2016 as well as gradual improvements in the banks' risk management practices in the past few years. Moody's expects continued recovery in credit demand to support banks' lending growth and revenues, after several years of loan book contraction.

For a detailed analysis of Slovenia's Macro Profile please see: "Slovenia Macro Profile: Moderate" (http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1062994).

The following banks are affected by today's rating actions:

- Nova Ljubljanska banka d.d.'s long-term local and foreign-currency deposit ratings were upgraded to Ba1 from Ba3, the long-term and short-term Counterparty Risk Assessment (CRA) were upgraded to Baa3(cr)/Prime-3(cr) from Ba2(cr)/Not Prime(cr), the baseline credit assessment (BCA) and adjusted BCA were upgraded to b1 from b3; the outlook on the long-term deposit ratings is stable.

- Nova Kreditna banka Maribor d.d.'s long-term local and foreign-currency deposit ratings were upgraded to Ba2 from B2, the long-term and short-term CRA were upgraded to Baa3(cr)/Prime-3(cr) from Ba3(cr)/Not Prime(cr), the BCA and adjusted BCA were upgraded to ba3 from b3; the outlook on the long-term deposit ratings is stable.

- Abanka d.d.'s long-term local and foreign-currency deposit ratings were upgraded to Ba1 from Ba3, the long-term and short-term CRA were upgraded to Baa3(cr)/Prime-3(cr) from Ba2(cr)/Not Prime(cr), the BCA and adjusted BCA were upgraded to ba3 from b2; the outlook on the long-term deposit ratings is stable.

The Not Prime short-term deposit ratings of banks captured by today's rating actions were unaffected.

The full list of the affected ratings can be found at the end of this press release.

RATINGS RATIONALE

(1) CHANGED MACRO PROFILE REFLECTS IMPROVING OPERATING ENVIRONEMENT IN SLOVENIA

The change of Slovenia's Macro Profile to "Moderate" from "Moderate-" positively affects the rated Slovenian banks' BCAs and as a result their long-term deposit ratings and CRAs. The Macro Profile constitutes an assessment of the macroeconomic environment in which a bank operates.

The change of the Macro Profile illustrates Moody's assessment of the improvement in Slovenian banks' operating environment, in particular a significant reduction in systemic risks in the banking sector. The privatisation process of the largest banks, started in 2016 coupled with gradual improvements in banks' risk management practices underscore reduced levels of risk to the sector after the 2013 banking crisis, which ultimately resulted in the insolvency of the largest banks and their subsequent nationalization and re-capitalisation by the Slovenian government.

The improving operating environment will benefit Slovenian banks' credit profiles by helping to further reduce the high level of problem loans and restore their recurring profitability. A gradual recovery in credit demand should support banks' lending growth and revenues after several years of loan book contraction.

Consequently, Moody's assessment of more favourable operating conditions for banks in Slovenia in combination with ongoing reductions of problem loans and further improved financial performance of the banks during 2016 has resulted in two to three notches of upgrades of the affected banks' ratings.

2) BANK-SPECIFIC CONSIDERATIONS

Nova Ljubljanska banka d.d. (NLB)

According to Moody's, the two-notch upgrade of NLB's long-term deposit ratings to Ba1 from Ba3, was driven by: (1) the upgrade of the bank's BCA and adjusted BCA to b1 from b3; (2) maintaining the current two-notches rating uplift for deposit ratings from Moody's Advanced LGF analysis; and (3) unchanged moderate government support assumption for NLB, as Slovenia's (Baa3 positive) largest bank, which provides one notch of rating uplift.

The upgrade of NLB's BCA to b1 from b3 reflects the improved Moderate Macro Profile combined with improvements in the bank's asset quality and profitability, as well as maintaining of strong capital adequacy. In 2016 NLB reported a 21% year-on-year increase in net income, which translates to a return on assets (RoA) of 0.96%. The bank's reported problem loans ratio declined significantly to 15.0% as of year-end 2016, from 22.5% as of year-end 2015, owing mainly to the sale and write-off of some of the problem loans. Limited lending growth and moderate profitability will underpin NLB's good capital adequacy with its Tier 1 ratio at 17% as of year-end 2016. NLB is largely deposit-funded with a strong buffer of liquid assets that accounted for 41% of the bank's average total assets as of year-end 2016.

The stable outlook on NLB's long-term deposit ratings reflects Moody's expectation of no material changes in the bank's credit profile over the next 12-18 months.

Nova Kreditna banka Maribor d.d. (NKBM)

The three-notch upgrade of NKBM's long-term deposit ratings to Ba2 from B2 was driven by: (1) the upgrade of the bank's BCA and adjusted BCA to ba3 from b3; (2) maintaining the current one-notch rating uplift for deposit ratings from Moody's Advanced LGF analysis; and (3) no rating uplift from government support.

The upgrade of NKBM's BCA to ba3 from b3 reflects the improved Moderate Macro Profile combined with improvements in asset quality and capital adequacy. The bank's problem loans ratio declined significantly to 28.2% as of year-end 2016 from 36.3% as of year-end 2015. While solvency risks from such a high level of problem loans are considerable, maintaining a good level of problem loans coverage with loan loss reserves at 70% and strong capital adequacy with a Tier 1 ratio of 24% as of year-end 2016 are important risk mitigants. NKBM is predominantly deposit-funded, with a gross loan-to-deposit ratio of 68% as of year-end 2016.

The stable outlook on NKBM's long-term deposit ratings reflects Moody's expectation of no material changes in the bank's credit profile over the next 12-18 months.

Abanka d.d. (Abanka)

The two-notch upgrade of Abanka's long-term deposit ratings to Ba1 from Ba3 was driven by: (1) the upgrade of the bank's BCA and adjusted BCA to ba3 from b2; (2) maintaining the current two-notches rating uplift for deposit ratings from Moody's Advanced LGF analysis; and (3) no rating uplift from government support.

The upgrade of Abanka's BCA to ba3 from b2 reflects the improved Moderate Macro Profile combined with improvements in profitability and capital adequacy. As of year-end 2016 Abanka reported a net income of EUR77.5 million, up from EUR41.7 million as of year-end 2015, owing to stabilisation in revenues and reversal of loan loss provisions. Consequently, the bank's RoA rose to 2.1% as of year-end 2016 from 1.1% as of year-end 2015. Abanka's strong profitability further strengthened its capital with Tier 1 ratio increasing to 26.5% as of year-end 2016 from 23% as of year-end 2015. The bank's reported problem loans ratio was little changed at year-end 2016 at 15.9%, while the problem loans coverage with loan loss reserves declined to 76% from 89% as of year-end 2015.

The stable outlook on Abanka's long-term deposit ratings reflects Moody's expectation of no material changes in the bank's credit profile over the next 12-18 months.

-- WHAT COULD MOVE THE RATINGS UP/DOWN

A further improvement in the operating environment for Slovenian banks leading to a considerable reduction in problem loans and maintaining strong capital ratios, could have positive rating implications.

A deterioration in the country's Macro Profile and/or in individual banks' standalone financial metrics may have negative rating implications.

A change in the banks' liability structures may change the uplift provided by Moody's Advanced LGF analysis and lead to a higher or lower notching from the banks' adjusted BCAs, thereby affecting deposit ratings.

LIST OF AFFECTED RATINGS

Upgrades:

Issuer: Nova Ljubljanska banka d.d.

....LT Bank Deposits (Local), Upgraded to Ba1 Stable from Ba3 Rating Under Review

....LT Bank Deposits (Foreign), Upgraded to Ba1 Stable from Ba3 Rating Under Review

....Adjusted Baseline Credit Assessment, Upgraded to b1 from b3

....Baseline Credit Assessment, Upgraded to b1 from b3

....LT Counterparty Risk Assessment, Upgraded to Baa3(cr) from Ba2(cr)

....ST Counterparty Risk Assessment, Upgraded to Prime-3(cr) from Not Prime(cr)

Issuer: Nova Kreditna banka Maribor d.d.

....LT Bank Deposits (Local), Upgraded to Ba2 Stable from B2 Rating Under Review

....LT Bank Deposits (Foreign), Upgraded to Ba2 Stable from B2 Rating Under Review

....Adjusted Baseline Credit Assessment, Upgraded to ba3 from b3

....Baseline Credit Assessment, Upgraded to ba3 from b3

....LT Counterparty Risk Assessment, Upgraded to Baa3(cr) from Ba3(cr)

....ST Counterparty Risk Assessment, Upgraded to Prime-3(cr) from Not Prime(cr)

Issuer: Abanka d.d.

....LT Bank Deposits (Local), Upgraded to Ba1 Stable from Ba3 Rating Under Review

....LT Bank Deposits (Foreign), Upgraded to Ba1 Stable from Ba3 Rating Under Review

....Adjusted Baseline Credit Assessment, Upgraded to ba3 from b2

....Baseline Credit Assessment, Upgraded to ba3 from b2

....LT Counterparty Risk Assessment, Upgraded to Baa3(cr) from Ba2(cr)

....ST Counterparty Risk Assessment, Upgraded to Prime-3(cr) from Not Prime(cr)

Outlook Actions:

Issuer: Nova Ljubljanska banka d.d.

....Outlook changed to Stable from Rating Under Review

Issuer: Nova Kreditna banka Maribor d.d.

....Outlook changed to Stable from Rating Under Review

Issuer: Abanka d.d.

....Outlook changed to Stable from Rating Under Review

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published in January 2016. Please see the Rating Methodologies 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 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 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 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.

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

Items color coded in purple in this Press Release relate to unsolicited ratings for a rated entity which is non-participating.

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.

Armen L. Dallakyan
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
Client Service: 44 20 7772 5454

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

No Related Data.
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