Moody’s rates EEPK Ba2

Moody’s Investors Service said it assigned a first-time issuer rating of Ba2 to EEPK, also known as Erste Europaeische Pfandbrief- und Kommunalkreditbank AG.

The agency has a standalone bank financial strength rating of E, equivalent to a baseline credit assessment of Caa2.

EEPK’s status as a wind-down entity of Commerzbank AG constrains EEPK’s earnings generation capacity, Moody’s said.

The agency also said the quality of the bank’s portfolio and limited capital levels are additional rating constraints, the agency said.

But the ratings benefit from a very high degree of support from its parent, Commerzbank, Moody’s said.

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