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Moody’s Honors Austrian Banks in CESEE
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Published: October 3, 2013; 14:07 ♦ (Vindobona)
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Only a year ago, the rating agency downgraded Austria because of its banks’ engagement in Eastern Europe. However, the situation has changed to the better.
Moody’s Honors Austrian Banks in CESEE / Picture: © Moody's Investors Service, Inc. - Annual Report 2013
According to the rating agency, there are very positive developments of the CESEE engagements of Austrian banks. The risk of contingent liabilities are not as high anymore, Moody’s stated. Without the banks’ activity in Central and Eastern Europe, the domestic economy was significantly less dynamic. “I see Eastern Europe not as a factor that has long-term negative impacts on…
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