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Moody’s: Downgrade of Erste Group Likely
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Published: November 4, 2011; 17:40 ♦ (Vindobona)
The Austrian bank will likely be downgraded from “Baa1” to “Baa2”, the rating agency says.
Moody’s: Downgrade of Erste Group Likely / Picture: © Vindobona.org
Moody’s has today placed on review for downgrade Erste Group’s standalone bank financial strength rating (BFSR) of C- (mapping to Baa1 on the long-term scale) and the A1 long-term debt and deposit ratings. The P-1 short-term rating was affirmed.
The review for downgrade on the BFSR follows the bank's report of a major loss that partly stems from previously undisclosed credit…
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