Moody's raises apoBank’s rating by one notch to "A1"
Moody's has upgraded the rating for apoBank. This was announced by the agency today. The long-term debt and deposit ratings were raised by one notch from "A2" to "A1". Concurrently, the agency upgraded the bank’s stand-alone bank financial strength rating (BFSR) by one notch to C-. The outlook for the ratings remains "stable".
Moody's says that the upgrade reflects the bank's continued reduction of higher-risk legacy assets and strongly improved capital ratios at a pace beyond the rating agency’s previous expectations. apoBank’s essentially completed divestment of non-core legacy risk portfolios has materially reduced asset quality-related vulnerabilities. In parallel, apoBank continued to strengthen both quantity and quality of its capital base.
The new ratings are:
|Senior debt and deposits:||raised to A1|
|Short term debt:||Prime 1|
|Standalone BFSR / BCA:||raised to C- / baa2|
|Subordinated debt:||raised to A3|
|Preferred securities:||raised to Baa2 (hyp)|