Downgrade for Austrian Banks

Businessn.a. ♦ Published: June 6, 2012; 12:40 ♦ (Vindobona)

The U.S. rating agency Moody´s downgrades Erste Group, Raiffeisen Bank International and Bank Austria.

Downgrade for Austrian Banks / Picture: ©

Moody´s made a re-evaluation of Austrian banks. Due to their „low equity quotas“ and the business in Eastern Europe, Moody´s downgrades the three biggest Austrian lenders Erste Group, RBI and UniCredit´s subsidiary Bank Austria. Erste Group fell by two notches, RBI and Bank Austria were downgraded by one notch.

The downgrade of the creditworthiness would reflect the…