Moody's lowers Parex

Moody's Investors Service said it has downgraded the bank financial strength rating of Parex Bank to E+ from D+, the local and foreign currency long-term bank deposit and debt ratings to Ba1 from Baa3 and the short-term rating to Not Prime from Prime-3.

The outlook on the deposit and debt ratings is developing while the BFSR has a stable outlook, the agency said.

At the same time, Moody's said it has affirmed the ratings of Mortgage and Land Bank of Latvia at A3/P-2/D- with negative outlook, adding that the rating action follows the announcement that the Latvian government will acquire a 51% stake in Parex Bank via its fully owned bank, Mortgage Bank.

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