|
|
Article: CYPRUS: MOODY'S CHANGES OUTLOOK ON THE BFSR OF HELLENIC BANK TO NEGATIVE.
- Article from:
- IPR Strategic Business Information Database
- Article date:
- September 24, 2009
CopyrightCOPYRIGHT 2009 Info-Prod (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Moody's Investors Service has today changed the outlook on the D+ bank financial strength rating (BFSR) of the Cyprus-based Hellenic Bank Public Company Ltd (Hellenic Bank) to negative, from stable. The bank's deposit rating of Baa2 still has a stable outlook. Moody's rating action was prompted both by challenging operating/macro conditions -- and their impact on Hellenic Bank's asset quality and interest margins -- and, more importantly, the operational and financial challenges facing the Cypriot institution's Greek operations, which are compromising its earnings-generation capabilities. Hellenic Bank currently operates 27 branches in Greece, where the operations ...