Moody's rates Alpha Bank notes Caa1

Moody's Investors Service said it assigned a local-currency long-term senior unsecured, also referred to as senior preferred, rating of Caa1 to Alpha Bank SA's planned €500 million senior preferred debt issue, maturing in March 2028 with an issuer call option in March 2027.

“The Caa1 rating assigned to Alpha Bank's long-term senior unsecured debt issue reflects (1) the bank's caa1 adjusted baseline credit assessment (adjusted BCA); and (2) no rating uplift from Moody's advanced LGF analysis that indicates the relatively low loss-absorption buffer this provides in the bank's liability structure, given that there are no other senior unsecured obligations outstanding and just €1 billion of subordinated tier 2 bonds available as more junior instruments,” the agency said in a press release.

All other outstanding ratings and assessments of the bank remain unchanged, including the positive outlook, the agency said.

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