Moody’s ups Orient Express Bank to B3

Moody's Investors Service said it upgraded Orient Express Bank’s long-term local- and foreign-currency deposit ratings and local-currency senior unsecured debt rating to B3 from Caa1.

The outlook is stable.

Concurrently, the agency upgraded the baseline credit assessment and adjusted BCA to b3 from caa1. The Not Prime short-term local-currency and foreign-currency deposit ratings were affirmed.

Furthermore, Moody’s upgraded Orient Express Bank's long-term counterparty risk assessment to B2(cr) from B3(cr) and affirmed its short-term counterparty risk assessment of Not Prime(cr).

Moody’s said the upgrade reflects the improvements in the bank's profitability and capital adequacy in 2017, which the agency expects to protract into 2018.

At the same time, the ratings continue to incorporate downside asset risk to the bank's financial fundamentals, mainly stemming from a weak quality of its corporate loan book and a material non-core asset holding, Moody’s explained.

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