Moody’s: Orient Express Bank view to stable

Moody's Investors Service said it affirmed the Caa1 long-term local- and foreign-currency deposit ratings of Orient Express Bank, as well as the bank's Caa1 local-currency senior unsecured debt rating.

The outlook was changed to stable from negative.

The agency also affirmed the bank's Not-Prime short-term local-currency and foreign-currency deposit ratings, baseline credit assessment (BCA) and adjusted BCA of caa1 and long-term and short-term counterparty risk assessments of B3(cr)/Not-Prime(cr).

Moody’s said the stable outlook reflects the improving trends in Orient Express Bank’s asset quality and profitability, which the agency expects will be sustained in 2017.

At the same time, the ratings incorporate downside risks to the bank's financial fundamentals stemming from its merger with Uniastrum Bank (not rated) at end-January, the agency added. Uniastrum Bank's size is material for the merged bank, as the former's total assets accounted for about 60% of the pre-merger Orient Express Bank's total assets at Jan. 1.

© 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.