Moody’s upgrades Šiaulių Bankas ratings to Baa1
08 Junho 2023 - 3:00AM
Moody’s upgrades Šiaulių Bankas ratings to Baa1
The international rating agency Moody’s
Investor Service has upgraded Šiaulių Bankas long-term deposit
ratings from Baa2 to Baa1. The outlook on the
long-term deposit ratings is affirmed as stable. This is the
highest rating in the bank’s history.
“This assessment by one of the largest rating
agencies shows that despite uncertainty and a somewhat slowing
economy, the consistent and balanced growth strategy of Šiaulių
Bankas is paying off. This is an important achievement for us, a
confidence-boosting indicator for clients who have entrusted funds
to the bank, and a strong signal for investors,” emphasised
Vytautas Sinius, Chief Executive Officer of Šiaulių
Bankas.
In its statement, Moody’s noted that the key
driver for the upgrade of the ratings is the continued
strengthening of the bank’s fundamentals, improving profitability,
strong levels of capitalisation and adequate liquidity profile,
with problem loans to gross loans ratio improving to below 3%.
Moody’s believes that despite the unfavourable macroeconomic
situation, fundamentals of Šiaulių Bankas will remain strong during
the next 12 to 18 months, and that the bank will be able to manage
its asset quality and capitalisation ratios, and that its liquidity
position will remain stable.
Moody’s has also upgraded the long-term
Counterparty Risk Ratings from Baa1 to A3. The long-term
Counterparty Risk Assessments (CR Assessments) were upgraded from
Baa1(cr) to A3(cr). Moody’s has affirmed short-term deposit ratings
of Šiaulių Bankas at P-2 and the short-term CR Assessments at
P-2(cr). The Baseline Credit Assessment has also been upgraded from
Ba1 to Baa3.
Moody’s is one of the most influential
international credit rating agencies in assessing the ability of
companies and governments to meet their debt obligations.
Additional information: Tomas
Varenbergas Director of Markets and Treasury
Department tomas.varenbergas@sb.lt, +370 5 203 22 00
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