Moody’s rates Slovenska Sporitelna deposits A2

Moody's Investors Service said it assigned Slovenska Sporitelna, as A2 long-term local and foreign currency deposit ratings, Prime-1 short-term local and foreign currency deposit ratings, baa2 baseline credit assessment (BCA) and baa1 adjusted BCA.

The agency also assigned counterparty risk assessments of A1(cr)/ Prime-1(cr).

The outlook is stable.

Moody’s said the A2 long-term deposit ratings incorporate: (a) the bank's standalone baa2 baseline credit assessment (BCA); (b) Moody's assumption of high parental support from the bank's parent, Austria's Erste Group Bank AG (A2 positive/P-1, BCA baa1), which results in one notch of rating uplift to an adjusted BCA of baa1; (c) the results of Moody's Advanced Loss Given Failure (LGF) analysis, which takes into account the severity of loss faced by different liability classes in resolution, and which leads to one notch of rating uplift for Slovenska Sporitelna’s deposit ratings; and (d) the agency's assumption of moderate support from the Government of Slovakia (A2 positive) in case of need, which results in one notch of rating uplift.

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