Moody's lifts ABN AMRO notes

Moody's Investors Service said it upgraded ABN AMRO Bank NV's remaining £150 million perpetual subordinated upper tier 2 notes to Ba1 (hyb) from Ba2 (hyb).

Concurrently, Moody's affirmed the rating of the €1 billion perpetual tier 1 capital securities at Ba2 (hyb).

All other ratings on ABN AMRO were unaffected.

The outlook on both these instruments was changed to negative from stable, in line with those on ABN AMRO's C- standalone bank financial strength rating and on its long-term ratings.

Moody's said the action follows the March 11 termination of the ban on coupon payments imposed by the European Commission on ABN AMRO's capital instruments. The ban was motivated by the substantial state aid the bank received at the height of the global financial crisis.

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