Moody’s ups PSA Banque France to Baa1

Moody's Investors Service said it upgraded PSA Banque France's long-term deposit, senior unsecured and issuer ratings to Baa1 with a stable outlook from Baa2 with a positive outlook.

The agency affirmed the baseline credit assessment) at ba1, adjusted BCA at baa3 and short-term deposit, deposit note program and issuer ratings at Prime-2. The bank's counterparty risk assessment was also affirmed at A3(cr)/Prime-2(cr).

The upgrade of the long-term deposit, senior unsecured and issuer ratings was driven by the increase in their respective Loss Given Failure (LGF) uplift from the adjusted BCA to two notches from one notch previously.

Moody’s said the actions were taken in conjunction with the upgrade on Banque PSA Finance (BPF, A3 stable, baa3), PSA Banque France’s 50% parent company.

These actions were not driven by the action taken on Peugeot SA (Ba2 stable), which followed the announcement of 6 March 2017 that Peugeot will acquire GM's Opel/Vauxhall subsidiary and that Banque PSA Finance (A3/A3 stable, baa3) jointly with BNP Paribas Personal Finance (A1/A1 stable, ba1) will acquire GM Financial's European operations, and do not take account of any potential impact of this transaction, the agency added.

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