Moody's changes IBEC view to stable

Moody's Investors Service said it changed the outlook on the International Bank for Economic Co-operation to stable from positive and affirmed IBEC's Baa3 long-term foreign-currency issuer rating.

“The decision to change the outlook to stable is driven by the risks to IBEC's liquidity and funding from the further conflict between Russia (Baa3 RUR-) and Ukraine (B3 RUR-) given IBEC's limited liquidity buffers and that, despite recent efforts to diversify its funding, a substantial portion of its financing still comes from Russian markets and banks.

“Moody's expects these developments will challenge the improvements in IBEC's liquidity and funding position achieved in recent years, particularly given IBEC's first bond refinancing in October 2022. Notably, IBEC's liquidity and funding options could narrow if current geopolitical tensions and the imposition of severe sanctions on Russia resulted in a material disruption of Russia's financial system,” the agency said in a press release.

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