Moody's on July 18 upgraded 's stand-alonebaseline credit assessment to "ba1" from "ba2" and affirmedthe lender's adjusted baseline credit assessment at "baa1."
The agency also affirmed that bank's long-term bank depositratings at Aa3, with a stable outlook; its short-term bank deposit ratings atP-1; and its long- and short-term counterparty risk assessments atAa3(cr)/P-1(cr). The bank's senior unsecured rating was affirmed at A2, with a stableoutlook.
Moody's said the upgrade of the bank's stand-alone baselinecredit assessment reflects Sparkasse KölnBonn's improved capital. The agencytook note of the increasing high-quality additional capital reserves allowed byGerman GAAP and a binding agreement that provides the bank's management fulldiscretion to convert silent participation instruments into new common equity.