Moody's cuts Austrian banks

Moody's Investors Service said it took various rating actions on Austrian banks, including downgrades of the debt and deposit ratings of the three largest Austrian banking groups.

The senior debt and deposit ratings of Raiffeisen Bank International and UniCredit Bank Austria were downgraded by one notch, while those of Erste Group Bank AG were downgraded by two notches.

The short-term ratings for Erste and UniCredit have been downgraded by one notch to Prime-2, reflecting the same considerations that triggered the long-term rating changes. Raiffeisen's Prime-1 rating was not affected by this action.

Moody's said the downgrades for the three major Austrian banks reflect their vulnerability to the adverse operating conditions in some of their core markets in Central and Eastern Europe and the Commonwealth of Independent States and the increased risk of further shocks from the ongoing euro area debt crisis.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.