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Article: MOODY'S CHANGES OUTLOOK ON THE BFSR OF HELLENIC BANK TO NEGATIVE
- Article from:
- Info-Prod Research (Middle East)
- Article date:
- September 24, 2009
CopyrightCopyright 2009 Info-Prod Research (Middle East). Provided by ProQuest LLC. (Hide copyright information)
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Moody's Investors Service has todaychanged the outlook on the D+
bank financial strength rating (BFSR) ofthe Cyprus-based Hellenic
Bank Public Company Ltd (Hellenic Bank) tonegative, from stable. The
bank's deposit rating of Baa2 still has astable outlook. Moody's
rating action was prompted both by challenging operating/macro
conditions -- and their impact on Hellenic Bank's asset quality
andinterest margins -- and, more importantly, the operational and
financialchallenges facing the Cypriot institution's Greek
operations, which arecompromising its earnings-generation
capabilities. Hellenic Bankcurrently operates 27 branches in Greece,
where the operations accountfor around 21% of total ...