Moody’s upgrades Abanka

Moody's Investors Service said it upgraded Abanka dd's local and foreign currency deposit ratings to Baa2/Prime-2 from Ba1/Not Prime, the long-term and short-term counterparty risk ratings to Baa1/Prime-2 from Baa3/Prime-3, the long-term and short-term counterparty risk assessment to Baa1(cr)/Prime-2(cr) from Baa3(cr)/Prime-3(cr) and the baseline credit assessment and adjusted BCA to ba1 from ba3.

The outlook remains positive.

“The rating action was prompted by the strong improvement in the bank's asset quality beyond the rating agency's previous expectations due to balance sheet clean-up of legacy problem loans while maintaining a solid capital and liquidity base,” the agency said in a news release.

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