Moody’s raises, withdraws Bank Julius Baer

Moody's Investors Service said it upgraded Bank Julius Baer Luxembourg SA's (BJB Lux, formerly Commerzbank International SA) long-term deposit ratings to A1 from Baa1 and assigned a stable outlook.

At the same time, the agency raised BJB Lux's senior unsecured program rating to provisional A2 from provisional Baa2 as well as the bank's counterparty risk assessment to Aa3(cr)/P-1(cr) from A3(cr)/P-2(cr).

In addition, Moody's upgraded the bank's baseline credit assessment to baa1 from baa3 and its adjusted BCA to a3 from baa3. The short-term deposit ratings, as well as the short-term commercial paper rating, were upgraded to P-1 from P-2.

Moody's said it upgraded BJB Lux's ratings following the acquisition of BJB Lux by Julius Baer Group Ltd. (A3 negative) from its previous owner Commerz Bankenholding Nova GmbH (unrated), a 100% affiliate of Commerzbank AG (deposits A2 stable/senior unsecured Baa1 stable, BCA baa3) on July 4. This action concludes the review for upgrade on BJB Lux's ratings initiated on Dec. 22, 2015.

Subsequent to this rating action, Moody's withdrew all of BJB Lux's ratings and rating input factors for its own business reasons.

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