Research (J&T BANKA)
Czech markets  |  June 06, 2012 08:57:45

Erste: Moody's downgraded rating of Austrian banks

Moody's Investors Service cut ratings of Austrian banks, including the three largest Austrian banking groups. In the case of Erste Group, the Agency reduced the long-term debt rating by two degrees from A1 to A3 with negative outlook. Moody's for Erste sees the combination of deteriorating conditions in some key markets (mainly in Hungary and Romania), little diversification in the CEE region (depending Group operations in the Czech and Slovak Republics), and inadequate capital "cushion" against further deterioration in market conditions.Erste is to reduce the negative rating, but the reasons given are the market has long been known. Moody's, this move was driven by the other two major rating agencies and is now rated one notch lower than S & P and Fitch.

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