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Moody’s shifts Getin Nobel view to negative
Moody’s Investors Service said it changed the outlook to negative from ratings under review for Getin Noble Bank SA.
The negative outlook reflects Moody’s view that the balance of risks institutional depositors face is tilted to the downside given the bank’s weak solvency and the significant tail risks the bank faces during the implementation of its recovery plan. Getin’s exposure to foreign currency mortgages exposes the bank to significant potential losses while depositor confidence remains fragile and outflows could reoccur if there are negative developments with the bank’s solvency. Crystallization of these risks could derail the bank from implementing its recovery plan and result in regulatory intervention with losses for junior, corporate deposits, reaching up to 13% according to Moody’s expected loss analysis, a loss associated with a Caa2 rating,” said Moody’s in a press release.
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