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Moody's raises apoBank’s rating by one notch to "A1"

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)
Outlook: stable

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