Moody's on Jan. 24 revised the outlook on Netherlands-based Credit Europe Bank NV's long-term local- and foreign-currency deposit ratings to stable from negative.
It affirmed the ratings at Ba2.
The rating agency also affirmed the bank's Not Prime short-term local- and foreign-currency deposit ratings and its 'b1' standalone baseline credit assessment and adjusted baseline credit assessment for the bank. Also affirmed were the bank's subordinated debt rating of B2 and long- and short-term counterparty risk assessments of Ba1(cr) and Not Prime(cr).
At the same time, the agency affirmed its B1 and Not Prime long-term and short-term deposit ratings, its B1 senior unsecured debt rating, its B2 subordinated debt rating, its BCA of b2 and adjusted BCA of b1 for the bank's Russian unit Credit Europe Bank Ltd. Additionally, the agency affirmed the unit's long-term and short-term counterparty risk assessments of Ba3(cr) and Not Prime(cr).
The revised outlook is based on the reduction of the bank's asset risks in Russia and Moody's view that the bank's unit is likely to benefit from a significant decrease in funding costs and operating expenses in Russia.