Moody's ups three Romanian banks

Moody's Investors Service said it upgraded to Baa3/Prime-3 with a stable outlook the foreign-currency deposit ratings of three Romanian banks: Banca Comerciala Romana SA, BRD - Groupe Societe Generale SA and Raiffeisen Bank SA.

This action follows an earlier upgrade of Romania's foreign-currency deposit ceilings (Baa3/Prime-3), to reflect the continuing improvements in Romania's economic institutions. The financial strength ratings of the banks are not affected by this action, Moody's said.

The foreign-currency deposit ratings benefit from strong support, both systemic and parental, and are likely to receive support in case of need. The foreign-currency deposit ratings are currently constrained by the country ceiling, so if the country ceilings for Romania were to rise, Moody's said it would expect the three Bucharest-based banks' deposit ratings to rise.

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