Moody's rates Parex Bank eurobond Ba1

Moody's Investors Service said it assigned a prospective Ba1 rating with stable outlook to the forthcoming €100 to €150 million three-year senior debt eurobond issue by Parex Bank.

Actual ratings will be assigned subject to review of the final documentation of the eurobond issue.

Parex Bank has a deposit rating of Ba1 and a financial strength rating of D+ reflecting its good domestic franchise and diversified product range together with good asset quality and improving risk management tools, according to Moody's.

Moody's said the ratings also reflect the less mature operating environment in Latvia as well as Parex Bank's reliance on deposits from non-residents, which could be viewed as less stable in the event of an economic crisis.

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