Moody´s Considers Downgrade of Erste Group

Businessn.a. ♦ Published: November 5, 2011; 19:37 ♦ (Vindobona)

The rating agency says that a downgrade of the long-term rating of Erste Group from “Baa1” to “Baa2”is probable.

Moody´s Considers Downgrade of Erste Group / Picture: © Erste Group / Christian Wind

The Austrian Erste Group currently faces serious troubles. After the surprising announcement that the expected profit of € 800m became an expected loss of € 800m, ratings for Erste Group all worsened. CEO Andreas Treichl wanted to remove all risks from the balance sheet through a radical write-off. However, observers from the financial market are still very cautious.

As a…