Clientis AG. Semiannual update. CREDIT OPINION 1 December Update
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1 CREDIT OPINION 1 December 16 Clientis AG Semiannual update Update Summary Rating Rationale We assign A long-term-deposit ratings to Clientis AG (Clientis), with positive outlook. We also assign P-1 short-term deposit ratings and a Baa1(cr)/P-(cr) Counterparty Risk Assessment. Its baseline credit assessment (BCA) and adjusted BCA are positioned at baa1. RATINGS Clientis AG Domicile Berne, Switzerland Long Term Debt Not Assigned Type Not Assigned Outlook Not Assigned Long Term Deposit A Type LT Bank Deposits - Fgn Curr Outlook Positive Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. The deposit ratings reflect: (1) the bank's baa1 BCA and adjusted BCA; () the result of our Advanced Loss Given Failure (LGF) analysis, which takes into account the severity of loss faced by different liability classes in resolution, resulting in two notches of rating uplift to Clientis' deposit ratings but no uplift to its CR Assessment; and (3) the low likelihood of Clientis receiving government support, leading to no government support uplift. The baa1 BCA takes into account: (1) the group's strong capitalisation and good asset quality; () its limited confidence-sensitive market funding; and (3) improving liquidity. It remains constrained by earnings pressure resulting from persistently low interest rates and a competitive domestic banking market. The BCA, which is based on Clientis' group consolidated financials, also reflects Clientis' contractual support framework amendments that became effective early 16 and which improved the group's cohesion and long-term stability. Because Clientis' framework still falls short of comparable cooperative or mutual banking groups in Europe, we apply a negative qualitative adjustment to the BCA. Contacts Andrea Wehmeier VP-Senior Analyst andrea.wehmeier@moodys.com Exhibit 1 Rating Scorecard - Key Financial Ratios Alexander Hendricks, CFA Associate Managing Director - Banking alexander.hendricks@moodys.com Carola Schuler Managing Director Banking carola.schuler@moodys.com Source: Moody's Financial Metrics
2 Credit Strengths Capital ratios are strong, consisting of high-quality instruments High loan book granularity and limited exposure to real-estate 'hot spots' benefit asset quality Improving liquidity position Credit Challenges Profitability and efficiency ratios are weak but improving The cross-guarantee scheme has been improving, however, falls short of comparable mechanisms of other co-operative or mutualist banking groups Rating Outlook Clientis' long-term deposit ratings carry a positive outlook, reflecting our expectation that Clientis will be able to sustain and further improve its financial profile. It is driven both by the expectation of improving liquidity, capitalisation and asset quality, as well as the strengthening of the group's cohesion, which includes the cross-liability scheme and the updated contractual framework. Factors that Could Lead to an Upgrade An upgrade of Clientis' long-term deposit ratings would be likely in the event of: (1) an upgrade of the bank's BCA; and/or () an increase in uplift resulting from our LGF analysis. Upward pressure on the bank's BCA could result from a combination of: (1) a marked and sustainable improvement in the bank's risk-adjusted efficiency and profitability levels; () a sustainable improvement in liquidity; and/or (3) a further improvement in capitalisation, increasing creditor protection. Our Advanced LGF analysis could result in higher notches of rating uplift if Clientis issues significant volumes of senior unsecured and/ or subordinated debt classes, providing a higher protection to depositors, which could lead to one additional notch of rating uplift. Factors that Could Lead to a Downgrade A downgrade of Clientis' long-term deposit ratings could be triggered following: (1) a downgrade of the BCA; and/or () a reduction in rating uplift as a result of our LGF analysis. A downgrade of Clientis' BCA is currently unlikely, given the positioning of the BCA at the lower end of the range as reflected in the positive outlook. However, it could come under downward rating pressure as a result of a combination of the following factors: (1) gradual market share erosion caused by competitive pressures or strategic differences within the group or further exits of member banks, although we consider this highly unlikely at present; () material asset quality deterioration, especially if following a marked slowdown in the Swiss real-estate market; and/or (3) an increase in the bank's risk appetite, especially if Clientis expands its balance sheet more aggressively without properly addressing the group's funding and liquidity profile challenges. A downgrade of Clientis' deposit ratings could also arise if the volume of deposits falls meaningfully, resulting in a lower rating uplift under our LGF framework. This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on for the most updated credit rating action information and rating history. 1 December 16
3 Key Indicators Exhibit Clientis AG (Consolidated Financials) [1] Total Assets (CHF billion) Total Assets (EUR billion) Total Assets (USD billion) Tangible Common Equity (CHF billion) Tangible Common Equity (EUR billion) Tangible Common Equity (USD billion) Problem Loans / Gross Loans (%) Tangible Common Equity / Risk Weighted Assets (%) Problem Loans / (Tangible Common Equity + Loan Loss Reserve) (%) Net Interest Margin (%) PPI / Average RWA (%) Net Income / Tangible Assets (%) Cost / Income Ratio (%) Market Funds / Tangible Banking Assets (%) Liquid Banking Assets / Tangible Banking Assets (%) Gross loans / Due to customers (%) Avg [1] All figures and ratios are adjusted using Moody's standard adjustments [] Basel III - fully-loaded or transitional phase-in; LOCAL GAAP [3] Basel II; LOCAL GAAP [4] Compound Annual Growth Rate based on LOCAL GAAP reporting periods [5] LOCAL GAAP reporting periods have been used for average calculation [6] Basel III - fully-loaded or transitional phase-in & LOCAL GAAP reporting periods have been used for average calculation Source: Moody's Financial Metrics Detailed Rating Considerations HIGH LOAN BOOK GRANULARITY AND LIMITED EXPOSURE TO REAL-ESTATE HOT SPOTS BENEFIT ASSET QUALITY, SUPPORTED BY HIGH-QUALITY CAPITAL RATIOS Clientis a1 Asset Risk score captures the group's relatively low susceptibility to potential shocks from the domestic real-estate markets or from a prolonged period of weaker economic growth in Switzerland. This also incorporates risks from the high stock of mortgage loans relative to the bank's total loan volume (94% of as of half-year 16), as well as risks from the persistently low interest-rate environment. We expect that Clientis will be able to manage the pace and extent of a potential deterioration in its sound asset quality indicators. This assessment is based on the bank's subdued loan growth over the past few years, which resulted in an almost flat development of its mortgage loan book amounting to CHF1 billion as of half-year 16. Moreover, Clientis' mortgages are predominantly in areas where property markets do not show signs of overheating. Furthermore, at year-end 15, the stock of impaired loans stood at CHF99.4 million or.9% of total gross loans (14: CHF119.9 million, %; 13: CHF135 million or %). In our view, Clientis will remain equipped with an ample capital cushion, considering: (1) the relatively low-risk nature of the group's highly collateralised retail mortgage book; and () the revised liability scheme of the Clientis group and its member banks. As a Category 4 institution in accordance with the Swiss Financial Market Supervision Authority (FINMA), Clientis group must maintain a total capital ratio of 1.3% as of end 19. As of half-year 16, the group's reported common equity Tier 1 (CET1) ratio was 17.8%, stable compared with year-end 15, but up from 17.% at year-end 14. Clientis' capital does not include hybrid capital instruments. Furthermore, the continued high retention rate of around 8% demonstrates the group's strong focus on robust internal capital generation. Our assigned Capital score of aa reflects this strength. PROFITABILITY AND EFFICIENCY RATIOS ARE RELATIVELY WEAK, MITIGATED BY THE BANK'S ACTIVE HEDGING STRATEGY ADDING TO EARNINGS STABILITY In the long term, Clientis has the potential to yield benefits from the closer operational and business integration of its member banks, which could prompt efficiency gains in order to help preserve profitability in a very low interest-rate environment. At this stage, 3 1 December 16
4 however, we have adjusted the bank's Profitability score downwards to ba3, reflecting the bank's low level of earnings, as well as our anticipation of earnings pressure in the next 1 to 18 months. Clientis' profitability measures are already at the low end of the range compared to international standards. While the profitability measures reflect the group's lower-risk nature to a certain degree, they also reflect the relatively high operating cost base of the Clientis group, owing to higher depreciation costs stemming from the implementation of a new IT platform, which was completely absorbed in 15. Clientis' management is currently working on expanding its reach to other regional banks, aiming to add additional banks to its 'model bank' platform and/or fully integrate them within the Clientis group in the medium term, which in our view would enable to group to raise further efficiencies and scale effects. For the half-year 16, the Clientis group (consisting of 15 banks) reported a significantly improved net income of CHF3.5 million (HY 15: CHF3.3 million). Net interest income grew to CHF8. million (HY15: CHF77.5 million), comparing favourably with some other regional banking groups, as a result of Clientis' continued effective interest-rate hedging policy. Stable fee and commission income of CHF1 million further contributed to the solid result, further supported by significantly lower depreciation and amortisation (CHF5.9 million compared to CHF11million as of HY15). DEPENDENCE ON WHOLESALE FUNDING COULD EXPOSE THE GROUP TO FUNDING RISKS IN AN ADVERSE SCENARIO Clientis benefits from a large base of stable retail deposits (7% of total liabilities as of half-year16), because of its well-entrenched local retail franchises. Moreover, gross loans constituted 86% of the group's balance sheet as of the same date. However, 15 saw a sharp improvement in the bank's liquid assets level, driven primarily by higher deposits with the central bank, a common factor for Swiss banks. Likewise, the loan-to-deposit ratio of 11% as of half-year 16 (14: 13%) - after taking into account medium-term promissory notes ( Kassenobligationen ) indicates higher dependence on wholesale funds compared with that of its domestic peers. However, the secured and longer-term nature of the sourced market funds -- as well as the bank's stable client deposits -- mitigate the bank's vulnerability to our highly adverse scenario of a prolonged disruption in wholesale funding markets that could necessitate business volume reductions and therefore potentially lead to franchise impairments. We have reflected these considerations in the bank's a1 Funding Structure score and its baa3 Liquidity Resources score. STRONGER COHESION OF MEMBER BANKS - BUT LIMITED COMMITMENT UNDER LIABILITY SCHEME LEADS TO QUALITATIVE ADJUSTMENT OF BCA We have reduced the bank's Financial Profile score by one notch, overall assigning a baa1 BCA, at the low end of the range, indicating upward pressure on the group's fundamental credit. This adjustment reflects Clientis' sector set-up, despite having strengthened the group's cohesiveness by widening the cross-liability mechanisms and ensuring group membership through legally binding membership commitments. However, some elements of the support scheme, in particular the limited fungibility of capital do not match the standards of other cooperative or mutual banking groups in Europe. We use Clientis' group accounts for the baseline credit assessment, including its consolidated capitalisation level; the group is the regulated entity and Clientis AG enjoys intervention rights with regards to the individual members risk management and other key business aspects like liquidity. For Clientis group, however, the joint capital support for the 15 individual members is contractually limited, a contrast to the legal framework for instance for the cooperative groups in Switzerland and France, that includes a joint and several liability scheme. Hence, we apply a one notch qualitative adjustment to reflect key differences, in particular restrictions to full capital fungibility, that leads to a more limited capital cushion for investors compared to the mentioned groups. Compared with other cross-guarantee schemes we also see a higher concentration risks because of the relatively low overall number of participating banks, which exposes the group and its support capacity more vulnerable to the financial performance of a limited number of member banks. 4 1 December 16
5 Notching Considerations LOSS GIVEN FAILURE (LGF) ANALYSIS Clientis is subject to Swiss banking regulation, which we consider an Operational Resolution Regime. We therefore apply our Advanced LGF analysis, considering the risks faced by the different debt and deposit classes across the liability structure at failure. We assume residual tangible common equity of 3% and losses post-failure of 8% of tangible banking assets, a 5% run-off in "junior" wholesale deposits, a 5% run-off in preferred deposits, and assign a 1% probability to deposits being preferred to senior unsecured debt (as reflected in the de facto case in the waterfall below), thereby reflecting depositor preference by law in Switzerland. Our LGF analysis indicates a very low ''loss-given-failure'' for Clientis' A rated deposits, leading us to position its Provisional Rating Assessment two notches above the Adjusted BCA. GOVERNMENT SUPPORT We believe that the probability of government support for Clientis in the event of stress is ''low'', given the bank's relatively small national market shares in key banking products and its relative importance to the country's banking system. Therefore, Clientis' deposit ratings do not benefit from government support uplift. 5 1 December 16
6 Rating Methodology and Scorecard Factors Exhibit 3 Clientis AG Macro Factors Weighted Macro Profile Very Strong - Financial Profile Factor Historic Macro Ratio Adjusted Score Credit Trend Assigned Score Key driver #1 Key driver # Solvency Asset Risk Problem Loans / Gross Loans 1.% aa a1 Sector concentration Capital TCE / RWA 18.% aa1 aa Risk-weighted capitalisation Profitability Net Income / Tangible Assets.4% ba ba Earnings quality Combined Solvency Score Liquidity Funding Structure Market Funds / Tangible Banking Assets 1.9% a1 a1 Market funding quality Liquid Resources Liquid Banking Assets / Tangible Banking Assets 1% baa3 baa3 Quality of liquid assets Combined Liquidity Score Financial Profile Business Diversification Opacity and Complexity Corporate Behavior Total Qualitative Adjustments Sovereign or Affiliate constraint: Scorecard Calculated BCA range Assigned BCA Affiliate Support notching Adjusted BCA Balance Sheet Other liabilities Deposits Preferred deposits Junior Deposits Senior unsecured bank debt Dated subordinated bank debt Junior subordinated bank debt Preference shares (bank) Senior unsecured holding company debt Dated subordinated holding company debt Junior subordinated holding company debt Preference shares (holding company) Equity Total Tangible Banking Assets 6 1% 1 December 16 a1 a a3 a3 a -1-1 Aaa a-baa1 baa1 baa1 in-scope (CHF) 3,344 9,853 7,91,56 9 % in-scope 4.% 71.3% 5.8% 18.5% 1.5% at-failure (CHF) 4,349 8,848 6,97 1,91 9 % at-failure 31.5% 64.% 5.1% 13.9% 1.5% ,81 3.% 1% ,81 3.% 1%
7 Debt class Counterparty Risk Assessment Deposits Instrument Class Counterparty Risk Assessment Deposits De jure waterfall De facto waterfall Notching LGF Assigned Additional Preliminary LGF notching Rating Instrument Sub- Instrument SubDe jure De facto notching guidance notching Assessment volume + ordination volume + ordination versus subordination subordination BCA 3.% 3.% 4.5% 4.5% baa1 (cr) 18.4% 3.% 18.4% 4.5% a Loss Given Failure notching Additional Preliminary Rating notching Assessment baa1 (cr) a Government Local Currency rating Foreign Support notching Currency rating Baa1 (cr) -A A Source: Moody's Financial Metrics Ratings Exhibit 4 Category CLIENTIS AG Outlook Bank Deposits Baseline Credit Assessment Adjusted Baseline Credit Assessment Counterparty Risk Assessment Moody's Rating Positive A/P-1 baa1 baa1 Baa1(cr)/P-(cr) Source: Moody's Investors Service Profile The decentralised Clientis group was formed in 3 and currently consists of 15 legally independent banks and their central institution Clientis AG, which is owned by the independent banks. Clientis AG guarantees the liabilities of all 15 legally independent banks, which in turn must provide financial support to Clientis AG in case of need. The group has a geographical presence in the German- and French-speaking parts of Switzerland, and displays national market shares of.8% in deposits and % in mortgage loans as of year-end 15. This positions the group as a clear niche player in the local/rural Swiss banking market, characterised by meaningful regional market positions, and a fairly loyal local retail and small and medium-sized enterprise clientele. The group holds total assets of CHF13.5 billion as of December 15 and serves approximately, customers through its regional network of approximately 7 branches and focuses its offer on traditional universal banking services. Output of the Baseline Credit Assessment Scorecard Our Scorecard is designed to capture, express and explain in summary form our Rating Committee's judgment. When read in conjunction with our research, a fulsome presentation of our judgment is expressed. As a result, the output of our Scorecard may materially differ from that suggested by raw data alone (though it has been calibrated to avoid the frequent need for strong divergence). The Scorecard output and the individual scores are discussed in rating committees and may be adjusted up or down to reflect conditions specific to each rated entity. 7 1 December 16
8 16 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved. CREDIT RATINGS ISSUED BY, INC. AND ITS RATINGS AFFILIATES ("MIS") ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. 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9 9 Contributors CLIENT SERVICES Perrine Bajolle Associate Analyst Americas Asia Pacific December 16 Japan EMEA
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CREDIT OPINION 9 November 216 Update Contacts Georges Hatcherian 52551555531 Analyst georges.hatcherian@moodys.com Vicente Gomez 52551555534 Associate Analyst vicente.gomez@moodys.com Felipe Carvallo 525512535738
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Rating Action: Moody's upgrades Permanent tsb's deposit and senior unsecured ratings; outlook stable Global Credit Research - 08 May 2015 London, 08 May 2015 -- Moody's Investors Service has today upgraded
More informationRating Action: Moody's Changes Sparebanken Vest's Rating Outlook to Stable From Negative
Rating Action: Moody's Changes Sparebanken Vest's Rating Outlook to Stable From Negative Global Credit Research - 15 Sep 2016 All the bank's ratings were affirmed, including its A1/P-1 deposit ratings
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CREDIT OPINION Nurol Investment Bank Update following rating assignment New Issue Summary Nurol Investment Bank's (Nurolbank s) B3 global long-term issuer ratings reflect the bank's baseline credit assessment
More informationRating Action: Moody's upgrades the ratings of Philippine National Bank and Rizal Commercial Bank Global Credit Research - 23 Nov 2017
Rating Action: Moody's upgrades the ratings of Philippine National Bank and Rizal Commercial Bank Global Credit Research - 23 Nov 2017 Singapore, November 23, 2017 -- Moody's Investors Service has upgraded
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CREDIT OPINION 19 December 17 St. Galler Kantonalbank Following rating affirmation of, outlook remains stable Update Summary We assign /P-1 deposit ratings and senior unsecured debt rating with a stable
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Credit Opinion: Pohjola Bank plc Global Credit Research - 02 Apr 2015 Helsinki, Finland Ratings Category Moody's Rating Outlook Stable Bank Deposits Aa3/P-1 Baseline Credit Assessment baa2 Adjusted Baseline
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CREDIT OPINION Muenchener Hypothekenbank eg Semiannual Update Update Summary Rating Rationale We assign Aa/P-1 deposit ratings and A1/P-1 senior unsecured debt ratings to Muenchener Hypothekenbank eg (Muenchener
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Credit Opinion: Al Hilal Bank PJSC Global Credit Research - 22 Sep 2015 United Arab Emirates Ratings Category Moody's Rating Outlook Stable Baseline Credit Assessment ba2 Adjusted Baseline Credit Assessment
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Credit Opinion: EBS Ltd Global Credit Research - 26 Mar 2015 Dublin, Ireland Ratings Category Outlook Bank Deposits Baseline Credit Assessment Adjusted Baseline Credit Assessment Senior Unsecured -Dom
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CREDIT OPINION Update Vontobel Holding AG Update to credit analysis Summary We assign A3 issuer ratings to Vontobel Holding AG's (Vontobel Holding or "the group") with a stable outlook. Contacts Swen Metzler,
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CREDIT OPINION 5 October 17 OP Corporate Bank plc Semiannual update Update Summary RATINGS OP Corporate Bank plc Domicile Finland Long Term Debt Type Senior Unsecured - Fgn Curr Outlook Stable Long Term
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Credit Opinion: CorpBanca Global Credit Research - 15 Jun 2015 Santiago, Chile Ratings Category Outlook Bank Deposits Baseline Credit Assessment Adjusted Baseline Credit Assessment Senior Unsecured Moody's
More informationRating Action: Moody's reviews NORD/LB Luxembourg S.A. - Public-Sector Covered Bonds, direction uncertain 19 Dec 2018
Rating Action: Moody's reviews NORD/LB Luxembourg S.A. - Public-Sector Covered Bonds, direction uncertain 19 Dec 2018 London, 19 December 2018 -- Moody's Investors Service ("Moodys") has placed on review
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CREDIT OPINION 4 July 17 Raiffeisen-Landesbank Tirol AG Semiannual update Update Summary rating rationale We assign Baa1/P- deposit and issuer ratings to Raiffeisenlandesbank Tirol (RLB Tirol). The bank's
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CREDIT OPINION Banco Industrial do Brasil S.A. Update Following Change in Rating Outlook to Negative Update Summary Rating Rationale The baseline credit assessment (BCA) of assigned to Banco Industrial
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Credit Opinion: Sparebanken Hedmark Global Credit Research - 31 Mar 2015 Hamar, Norway Ratings Category Outlook Bank Deposits Baseline Credit Assessment Adjusted Baseline Credit Assessment Moody's Rating
More informationblend Funding plc Update to credit analysis Credit strengths » Liquidity reserve as structural enhancement Credit challenges
CREDIT OPINION 19 October 2018 RATINGS blend Funding plc Domicile Long Term Rating Type Outlook United Kingdom A2 Senior Secured - Dom Curr Stable Please see the ratings section at the end of this report
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CREDIT OPINION 7 December 216 Update Bausparkasse Mainz AG Update following affirmation of ratings Summary Rating Rationale On November, we affirmed Bausparkasse Mainz AG's (BKM) A2/P-1 deposit ratings.
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CREDIT OPINION 25 May 217 SkandiaBanken AB Semiannual Update Update Summary Rating Rationale RATINGS SkandiaBanken AB Domicile Sweden Long Term Deposit A2 Type LT Bank Deposits - Fgn Curr Outlook Stable
More informationABN AMRO Bank N.V. Summary Rating Rationale. moderate probability of government support. Exhibit 1 Rating Scorecard - Key Financial Ratios
CREDIT OPINION 1 June 216 ABN AMRO Bank N.V. Update Following Upgrade of ABN AMRO Bank's Deposit and Senior Unsecured Debt to Update Summary Rating Rationale RATINGS ABN AMRO Bank N.V. Domicile Amsterdam,
More informationRating Action: Moody's affirms Banco Sabadell's ratings, outlook changed to stable from positive 19 Sep 2018
Rating Action: Moody's affirms Banco Sabadell's ratings, outlook changed to stable from positive 19 Sep 2018 Madrid, September 19, 2018 -- Moody's Investors Service has today affirmed the long-term deposit
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CREDIT OPINION 6 July 17 Update Raiffeisenlandesbank NiederoesterreichWien Semiannual update Summary rating rationale RATINGS Raiffeisenlandesbank NiederoesterreichWien Domicile Vienna, Austria Long Term
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Rating Action: Moody's assigns Counterparty Risk Rating to FCA Bank 22 Jun 2018 Counterparty Risk Assessment also assigned to FCA Bank S.p.A., Irish Branch London, 22 June 2018 -- Moody's Investors Service
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CREDIT OPINION September 16 SEB Update following the publication of Q-16 results Update Summary Rating Rationale We assign an a baseline credit assessment (BCA) and long-term senior unsecured debt and
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CREDIT OPINION Federal Home Loan Banks Semiannual Update Update Summary Rating Rationale The Federal Home Loan Bank System's (FHLBank System or FHLBank) Aaa long term rating and Prime-1 short-term deposit
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CREDIT OPINION 7 September 16 Update Banco Sabadell, S.A. Semiannual Update Summary Rating Rationale Banco Sabadell's Baa/Prime- deposit ratings and its Ba1/Not Prime senior debt ratings, with a stable
More informationStandalone BCA upgraded to b1 from b3 for Ulster Bank Limited and to b2 from b3 for Ulster Bank Ireland Limited
Rating Action: Moody's upgrades Ulster Bank Limited's deposit and issuer ratings to A3 and confirms Ulster Bank Ireland Limited's Baa3 deposit rating; outlook stable Global Credit Research - 03 Jun 2015
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Rating Action: Moody's upgrades Kommunalkredit Austria AG's public-sector covered bonds Global Credit Research - 25 Jul 2017 London, 25 July 2017 -- Moody's Investors Service has upgraded to Baa1 from
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CREDIT OPINION 29 May 217 Update Bausparkasse Mainz AG Semiannual Update Summary Rating Rationale We assign A2/P-1 deposit ratings to Bausparkasse Mainz AG (BKM). We also assign a Baseline Credit Assessment
More informationBanco Modal S.A. Semiannual Update. Summary Rating Rationale. Exhibit 2 Rating Scorecard - Key Financial Ratios. 0.3% Capital:
CREDIT OPINION 1 May 217 Banco Modal S.A. Semiannual Update Update Summary Rating Rationale RATINGS Banco Modal S.A. Domicile Rio de Janeiro, Rio de Janeiro, Brazil Long Term Debt Not Assigned Type Not
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Credit Opinion: Credit Suisse International Global Credit Research - 31 Mar 2015 London, United Kingdom Ratings Category Bkd Bank Deposits Issuer Rating Senior Unsecured Jr Subordinate -Dom Curr Ult Parent:
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CREDIT OPINION 29 April 216 Liechtensteinische Landesbank AG First-time ratings reflect LLB's strong capitalisation and sound liquidity and funding profile New Issue Summary Rating Rationale RATINGS Liechtensteinische
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ISSUER COMMENT Earning its cost of capital and sustaining a modest distribution policy would be credit positive Contacts Michael Rohr +49.69.7073.0901 VP-Sr Credit Officer michael.rohr@moodys.com Mark
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CREDIT OPINION KLP Banken A/S Semiannual Update New Issue Summary Rating Rationale We assign A2/Prime-1 long- and short-term deposit ratings to KLP Banken AS. The outlook on the long-term ratings is stable.
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CREDIT OPINION 8 July 26 Banco Davivienda S.A. Semiannual Update Update Summary Rating Rationale RATINGS Banco Davivienda S.A. Domicile Colombia Long Term Rating Type LT Bank Deposits - Fgn Curr Outlook
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Rating Action: Moody's changes outlook on Bank Zachodni WBK S.A.'s ratings to positive Global Credit Research - 29 Jan 2018 London, 29 January 2018 -- Moody's Investors Service has today changed the outlook
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CREDIT OPINION 7 December 16 Banco Sabadell, S.A. Update Following Recent Rating Action Update Summary Rating Rationale On 1 December 16 we upgraded Banco Sabadell's: (1) deposit ratings to Baa/Prime-
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CREDIT OPINION CPPIB Capital Inc. Semiannual Update Update Summary Rating Rationale CPPIB Capital, Inc is a wholly-owned subsidiary of the Canada Pension Plan Investment Board (CPPIB) and has a backed
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Rating Action: Moody's affirms 22 German banks' senior unsecured debt ratings; changes 16 outlooks to negative Global Credit Research - 12 Dec 2017 Actions reflect amendments to European Union's (EU) Bank
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Rating Action: Moody's upgrades several Irish mortgage covered bond ratings; actions conclude review Global Credit Research - 21 May 2015 New counterparty risk assessment affects the covered bond anchors
More informationRating Action: Moody's downgrades senior unsecured debt instruments of 14 German banks following change in bank insolvency law
Rating Action: Moody's downgrades senior unsecured debt instruments of 14 German banks following change in bank insolvency law 03 Aug 2018 Action to remove government support from banks' ratings follows
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CREDIT OPINION Federal Home Loan Bank of Boston Semiannual Update Update Summary Rating Rationale The Federal Home Loan Bank of Boston (FHLBank of Boston or FHLBank) Aaa long term rating and Prime-1 short-term
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Rating Action: Moody's affirms HSH Nordbank's Baa3/Prime-3 debt and deposit ratings Global Credit Research - 19 Dec 2016 Outlook on long-term ratings remains developing Frankfurt am Main, December 19,
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Rating Action: Moody's concludes review on SC Citadele Banka and Siauliu Bankas Global Credit Research - 17 Jun 2015 Actions conclude methodology-related review London, 17 June 2015 -- Moody's Investors
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CREDIT OPINION Annual update Update Summary Rating Rationale The Baa2 rating assigned to the City of Barcelona reflects the municipality's robust budgetary management and its solid financial fundamentals
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CREDIT OPINION 8 May 218 Volksbank Wien AG Update following full-year results Update Summary We assign Baa1(stable)/P-2 deposit ratings to Volksbank Wien (VBW). Furthermore, we assign a Baseline Credit
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Rating Action: Moody's assigns (P)A1 senior unsecured rating to SpareBank 1 Ostlandet's jointly-owned EMTN program Global Credit Research - 22 Jan 2018 Limassol, January 22, 2018 -- Moody's Investors Service,
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CREDIT OPINION 16 September 16 Banco Popolare Societa Cooperativa Semiannual Update Update Summary Rating Rationale On 1 April 16 we placed the Banco Popolare Societa Cooperativa's (Banco Popolare) b standalone
More informationABN AMRO Bank N.V. Update to credit analysis. Exhibit 1 Rating Scorecard - Key Financial Ratios. Asset Risk: Problem Loans/ Gross Loans
CREDIT OPINION 18 October 17 ABN AMRO Bank N.V. Update to credit analysis Update Summary ABN AMRO's baseline credit assessment of reflects the bank's overall good financial fundamentals including sound
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CREDIT OPINION Bayerische Landesbank Update following rating upgrade Update Summary Rating Rationale On 1 April, we upgraded Bayerische Landesbank's (BayernLB) deposit ratings to Aa from A1, as well as
More informationBanca Sella Holding. Update to credit analysis. Rating Scorecard - Key Financial Ratios. Asset Risk: Problem Loans/ Gross Loans
CREDIT OPINION 1 October 18 Banca Sella Holding Update to credit analysis Update Summary Rating Rationale Banca Sella Holding S.p.A.'s (Banca Sella) Baa deposit rating is driven by the bank's ba standalone
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Rating Action: Moody's assigns an A1 insurance financial strength rating to CNP Assurances with a stable outlook 06 Jun 2018 London, 06 June 2018 -- Moody's Investors Service has today assigned an A1 insurance
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CREDIT OPINION 3i Group plc Update following the publication of first-half 2018 financial results Update Summary credit rationale 3i Group plc (3i) is a UK-based private equity firm to which we assign
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CREDIT OPINION 1 December 17 ABN AMRO Bank N.V. Update to credit analysis Update Summary ABN AMRO Bank N.V.'s (ABN AMRO) baseline credit assessment (BCA) of reflects the bank's overall good financial fundamentals
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CREDIT OPINION Al Hilal Bank PJSC Semmiannual update Update Summary Rating Rationale We assign A1 long term issuer ratings to Al Hilal Bank PJSC (AHB). This is based on the bank's overall standalone credit
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Rating Action: Moody's upgrades deposit ratings of Landesbank Berlin and Berlin Hyp to Aa2, changes outlook to stable Global Credit Research - 28 Jul 2017 Both banks' Adjusted Baseline Credit Assessment
More informationRating Action: Moody's affirms Volvofinans Bank's A3 rating; stable outlook 26 Feb 2019
Rating Action: Moody's affirms Volvofinans Bank's A3 rating; stable outlook 26 Feb 2019 Stockholm, February 26, 2019 -- Moody's Investors Service ("Moody's") today affirmed Volvofinans Bank AB's long-
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CREDIT OPINION Swedish Export Credit Corporation Semiannual Update Update Summary Rating Rationale We assign an baseline credit assessment (BCA) and A long-term issuer and senior unsecured debt ratings
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Rating Action: Moody's assigns Counterparty Risk Ratings to three Sri Lankan banks 18 Jun 2018 Singapore, June 18, 2018 -- Moody's Investors Service has today assigned Counterparty Risk Ratings (CRRs)
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Rating Action: Moody's confirms ratings of six financial institutions in Kazakhstan; concludes review Global Credit Research - 27 Apr 2016 Actions follow the downgrade of Kazakhstan's sovereign ratings
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Rating Action: Moody's upgrades NORD/LB's Fuerstenberg preference shares to Caa1(hyb) Global Credit Research - 18 Apr 2018 Frankfurt am Main, April 18, 2018 -- Moody's Investors Service has today upgraded
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CREDIT OPINION 15 August 217 Volksbank Wien AG Semiannual Update Update Summary Rating Rationale We assign Baa2/P-2 bank deposit ratings to Volksbank Wien (VBW). We also assign a Baseline Credit Assessment
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Rating Action: Moody's reviews Depfa ACS Bank's public sector covered bonds for downgrade Global Credit Research - 14 Sep 2016 London, 14 September 2016 -- Moody's Investors Service has today placed on
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CREDIT OPINION Federal Home Loan Bank of Des Moines Semiannual Update Update Summary Rating Rationale The Federal Home Loan Bank of Des Moines (FHLBank of Des Moines or FHLBank) Aaa long term rating and
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CREDIT OPINION 27 August 218 Banco Mercantil do Brasil S.A. Update following confirmation of long-term ratings and outlook change to negative Update Summary Banco Mercantil do Brasil S.A. Domicile Belo
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Credit Opinion: National Bank of Fujairah Global Credit Research - 23 Mar 2015 Fujairah, United Arab Emirates Ratings Category Moody's Rating Outlook Stable Bank Deposits Baa1/P-2 Baseline Credit Assessment
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CREDIT OPINION N.V. Bank Nederlandse Gemeenten Semiannual update - H1 18 Update Summary N.V. Bank Nederlandse Gemeenten (BNG Bank)'s Baseline Credit Assessment (BCA) of a1 reflects (1) the bank's role
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Rating Action: Moody's changes rating outlook for Black Sea Trade and Development Bank to stable from negative Global Credit Research - 30 Sep 2016 Frankfurt am Main, September 30, 2016 -- Moody's Investors
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CREDIT OPINION Federal Home Loan Bank of Des Moines Semiannual Update Update Summary Rating Rationale The Federal Home Loan Bank of Des Moines (FHLBank of Des Moines or FHLBank) Aaa long term rating and
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CREDIT OPINION 7 October 6 Danske Bank A/S Update Following Upgrade of Long-Term Deposit ratings and Outlook Change to Positive from Stable Update Summary Rating Rationale RATINGS Danske Bank A/S Domicile
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