Moody's ups two Bulgarian banks

Moody's Investors Service said it upgraded to Baa3/Prime-3 with stable outlook the long- and short-term foreign currency deposit ratings of two Bulgarian banks - DSK Bank and Piraeus Eurobank - from Ba1/Not-Prime, following the upgrade of Bulgaria's foreign currency deposit ceilings to Baa3/Prime-3.

The agency said the two banks' other ratings remain unaffected by this action.

Also unaffected are the ratings of other rated Bulgarian banks that were not constrained by Bulgaria's sovereign ceilings, the agency added.

Moody's said that DSK Bank's and Piraeus Eurobank's long-term foreign currency deposit ratings, that were constrained by the old country ceiling, are lifted to the Baa3 ceiling due to the high likelihood of support from their respective parents - OTP Bank, rated A1/Prime-1/B- and Piraeus Bank SA, rated Baa1/Prime-2/C-.

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